Shiba Inu: BONE rises 6% after listing margin trading on Gate-io

ShibaSwap (BONE), the fuel token for the Shibarium Shiba Inu layer 2 network, saw its price increase by 6% after being listed on the Gate.io exchange.
The official X account of the Shiba Inu ecosystem announced the listing, which went live on March 21, and advocated for responsible trading.
Margin trading involves borrowing money from an exchange to purchase the chosen asset. Repayment will be made at a later date but at a higher interest rate.
Margin trading is a high-risk enterprise as the volatility of the crypto industry makes traders vulnerable to losses. BONE margin trading on Gate is no exception.
BONE Margin Trading Terms
The addition of BONE as a borrowable asset on Gate.io has similar terms to other assets already on the platform. Gate.io confirmed that the borrowing rates for this listing are updated hourly.
As of writing, the exchange highlights that the trading or borrowing interest rate is 0.000100% per hour, which translates to an annual interest rate of 0.88%. Currently, there are about 83,323 BONE available for borrowing, worth 76,380 USDT.
Accessibility to the product is subject to Know Your Customer (KYC) verification, and borrowing rates increase as traders move up their VIP tiers. At VIP Level 16, daily and annual interest rates can be as high as 0.000105% and 0.93%, while individual loans are capped at 20,000 BONEs.
BONE listing diversity
Over the past year, Shiba Inu community members and even developer Shytoshi Kusama have been advocating for the listing of BONE on a major platform like Binance.
From speculations of a listing on Huobi, to OKX’s accumulation of the token, BONE holds great significance in the Shibarium ecosystem and market.
News of the listing helped drive up the price of BONE, which is currently trading at $0.9185, up slightly by 0.85% in 24 hours and 6% in the past week.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the author’s personal opinions and do not necessarily reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.