#SHIBarium-Based DogPad Invests $50K in BONE
The team behind the launchpad disclosed that they plan to keep investing more funds into BONE.
DogPad Finance, a launchpad ecosystem set to migrate to Shiba Inu’s Shibarium network, recently invested $50,000 in Bone ShibaSwap (BONE), the governance token of ShibaSwap. The investment comes from BONE’s underperformance in the recent market-wide rally due to the latest Shibarium FUD.
In a recent tweet, the DogPad team emphasized that they will continue to support Shibarium and ShibArmy, the Shiba Inu community. They noted that the $50,000 BONE investment is one of the ways through which they aim to communicate their solidarity with Shytoshi Kusama and the Shiba Inu ecosystem.
DogPad is about supporting #Shibarium & the #ShibArmy, which has been recently attacked by multiple fuds which were already cleared
As to show support towards @ShibToken & @ShytoshiKusama’s plans, the DogPad team is proud to announce the investment of 50,000$ worth of $BONE pic.twitter.com/JZG9sqtNdN
— DogPad Finance on Shibarium! (@DogPadFinance) March 16, 2023
A shared snapshot of the investment call shows that the DogPad team traded 30 ETH, worth an estimated $50,335 at the time, for 40,282 BONE tokens. Recall that BONE is expected to serve as the gas token for Shibarium. The token will also function as the DogPad Finance liquidity pool token once the launchpad migrates to Shibarium.
The team noted that the DogPad ecosystem understands the importance of BONE to the launchpad and is committed to supporting its growth. One of the ways they plan to do this is by pumping more investments into BONE in every dip. This should help bolster demand and support the asset’s price action.
DogPad Finance is a crypto ecosystem that aims to simplify creating and managing tokens on the Shibarium network. Its flagship feature is the LaunchPad, which provides an interface for managing initial DEX offerings (IDOs), fundraising, and token distribution.
Besides LaunchPad, DogPad offers additional tools and services to streamline the token creation process. Although it has its native token, DOGPAD, the ecosystem will use BONE as the dedicated liquidity pool token in the wake of the migration to Shibarium.
Meanwhile, BONE is fighting against the bears following a massive dip recently triggered by the latest FUD surrounding Shibarium, which has been addressed. With an 18.70% decline in the past week, BONE is securing the highest loss for any asset on the top 150 list. Nonetheless, the token has gained by 4.91% in the past 24 hours, trading for $1.33.