Shiba Inu’s meme coin competitor, Shibone Inu, is now enjoying another significant price increase when most digital currencies are seeing an abrupt decline in value.
On March 23, the token had seen a rise of 130% over the previous 24 hours, on top of an increase of 373.31% over the past week. At press time, the token saw a slight correction.
Shibone Inu 24-hour charts | Source: CMC
This time, the meme coin’s price is being propped up by a considerably bigger trading volume, which has increased by 5,000% over the last twenty-four hours. The fact that more individuals are trading the token is evidence of growing awareness and organic adoption, both driving up the price.
Shibone is a DeFi token that runs on the ERC-20 network. It is backed by the future Shibarium layer-2 blockchain. Its functionality includes play-to-earn games (P2E), staking dapps, and NFTs.
The coin uses an auto-staking feature. It offers automatic reflections on each transaction. When a transfer happens, all SHIBONE holders receive 2% of its amount.