Bone ShibaSwap (BONE), the gas token of the Shiba Inu layer-2 network Shibarium, has experienced a 6% surge in price following its margin trading listing on the Gate.io exchange.
The listing, which was announced by the official X account of the Shiba Inu ecosystem, went live on March 21 and emphasized responsible trading practices.
Margin trading involves borrowing money from an exchange to purchase desired assets, with repayments occurring at a later date but with higher interest rates.
Margin trading is considered a high-risk endeavor due to the volatility of the crypto industry, which exposes traders to potential losses. The BONE margin trading option on Gate.io is no exception.
The terms for adding BONE as a borrowable asset on Gate.io are similar to those for other assets already available on the platform. Gate.io confirmed that the listing includes a borrowing rate that is updated hourly.
At the time of writing, the exchange noted that the trading or borrowing rate is set at 0.000100% per hour and 0.88% annually. Currently, there are approximately 83,323 BONE tokens available to borrow, amounting to 76,380 USDT.
To access the product, users must undergo Know Your Customer (KYC) verification, and the borrowing rate increases as traders gain higher VIP status. At VIP Level 16, the daily and annual rates can reach as high as 0.000105% and 0.93%, respectively, with individual loan limits set at 20,000 BONE.
The listing of BONE on Gate.io is a testament to its growing diversity in the market. Over the past year, members of the Shiba Inu community, as well as developers like Shytoshi Kusama, have advocated for BONE to be listed on major platforms such as Binance. From speculations about a Huobi listing to the accumulation of the token on OKX, BONE has demonstrated its relevance in both the Shibarium ecosystem and the overall market.
The news of the listing has contributed to a slight increase in the price of BONE, which currently stands at $0.9185, marking a 0.85% rise in the past 24 hours and a 6% increase over the past week.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
