Bone Shibaswap (CRYPTO: BONE), the governance token of meme cryptocurrency Shiba Inu (CRYPTO: SHIB), has outperformed top five meme coins such as Dogecoin (CRYPTO: DOGE) and Floki in the last 24 hours. Its surge is attributed to the expansion of support from Bermuda.
According to reports, Bermuda's Premier David Burt announced on Saturday that they will be accepting payments for government services using Shiba Inu tokens. This move is part of an initiative to boost blockchain technology adoption in their country.
Bermuda has been known for its friendly attitude towards cryptocurrencies and blockchain technology, which made it a perfect fit for Shiba Inu's expansion plans. The announcement was well-received by investors, causing a spike in Bone Shibaswap prices.
As of writing this article, Bone Shibaswap is trading at $0.00002436 with a market cap of $9 billion. This represents a 4% increase from its previous close and puts it ahead of other popular meme coins like Dogecoin and Floki.
Shiba Inu has been making waves lately with high-profile collaborations such as its partnership with Coinbase Global Inc (NASDAQ: COIN) earlier this month. It also launched its own decentralized exchange called "Shibaswap" back in July, which allows users to trade various cryptocurrencies while earning rewards through staking their tokens.
The rise of meme coins like Shiba Inu has attracted both excitement and skepticism from investors and regulators alike. However, supporters believe that these digital assets have significant potential due to their growing popularity among younger generations who are more open-minded about new investment opportunities.
In conclusion, Bone Shibaswap's recent surge shows that the demand for meme coins continues to grow despite the controversy surrounding them. With more countries and businesses embracing blockchain technology, it is likely that we will see more of these digital assets gaining mainstream acceptance in the future.