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Bone ShibaSwap (BONE), the gas token for the Shiba Inu layer-2 network Shibarium, has seen a price increase following its listing for margin trading on the Gate.io exchange. This development comes amidst a growing trend of BONE availability on major platforms.
Gate.io Lists BONE for Margin Trading
The official Shiba Inu ecosystem X account announced the listing on March 21st. Margin trading allows users to borrow funds from an exchange to amplify their buying power for a chosen asset. While offering the potential for magnified returns, margin trading comes with inherent risks due to the crypto market’s volatility. Losses can be substantial if the asset’s price movement goes against the trader’s position.
Terms of BONE Margin Trading on Gate.io
Similar to other borrowable assets on Gate.io, BONE follows the platform’s standard margin trading terms. The exchange features an hourly updated borrowing rate, which at the time of writing stood at 0.000100% per hour and 0.88% annually. The platform currently has approximately 83,323 BONE available for borrowing, equivalent to roughly $76,380 USDT.
To participate in BONE margin trading, users must complete Know Your Customer (KYC) verification. The borrowing rate increases progressively with higher VIP tiers on Gate.io. At VIP level 16, users can expect daily and annual rates of up to 0.000105% and 0.93%, respectively, with individual loan caps reaching 20,000 BONE.
Also Read: Is $BONE the New Star? : Token Explodes 26%, Community Pushes for Binance Listing (Price Target: $3)
BONE’s Growing Listing Diversity
The Shiba Inu community, along with prominent developers like Shytoshi Kusama, have actively advocated for BONE to be listed on major exchanges like Binance throughout the past year. Recent developments, including speculation of a Huobi listing and OKX accumulating the token, highlight BONE’s growing relevance within the Shibarium ecosystem and the wider crypto market.
BONE Price Responds Positively
The Gate.io listing news has triggered a positive price movement for BONE. At the time of writing, the token sits at $0.9185, reflecting a modest daily gain of 0.85% and a 6% increase over the past week.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
