- BONE on the Rise: Shiba Inu’s BONE token experiences a notable 11% increase within 24 hours.
- Key Catalysts: Major developments within the Shiba Inu ecosystem and the Shibarium testnet have propelled BONE’s ascent.
Shibarium’s Facelift and BONE’s Uptrend
In contrast to the prevailing market trends, the Bone ShibaSwap (BONE) token, a cornerstone of the Shiba Inu ecosystem, has marked its presence with an impressive 11% upswing in the last day. Central to this momentum is a slew of pivotal developments and enhancements within the Shiba Inu universe.
A pivotal factor is the much-talked-about revamp of the Shibarium testnet explorer, known as Puppyscan. Moreover, efforts to disburse previously ensnared BONE tokens to their rightful users have significantly buoyed community sentiments. It’s worth noting that the Shibarium layer-2 network, post its August 16 debut, grappled with technical hitches in its bridge contract. This malfunction left approximately $1.7 million in Ethereum stranded, unable to move between the Ethereum mainnet and the Shibarium layer-2 solution.
Prominent Shiba Inu influencer, Lucie, further stoked positive sentiments. She authenticated claims of users regaining access to their previously trapped BONE tokens — a sentiment echoed by many within the Shiba community.
Moreover, anticipation around the public re-introduction of the Shibarium mainnet has reached fever pitch. Shytoshi Kusama recently teased the community with a host of innovative features primed to bolster the user experience on this layer-2 solution, even though Shibarium remains non-public as of now.
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Deep Dive: BONE’s Price Trajectory
From the get-go, when BONE was christened as the gas token for Shiba Inu’s eagerly awaited scaling solution, Shibarium, its price trajectory has predominantly been upward. Although briefly hindered by Shibarium’s unsuccessful launch, current revelations have rekindled BONE’s positive stride.
In the realm of technical analysis, BONE has made its way back to the 61.8% Fibonacci retracement marker, priced at $1.10. Notably, in the last 48 hours, BONE surpassed the 200-day EMA and broke through both the 50% and 38.2% Fibonacci levels. The breach of the latter, pegged at $1.3792, holds paramount significance for subsequent price trends.
Historically, from February to mid-March, this price tier functioned as a formidable support. As it stands, BONE’s price is undergoing a re-evaluation at the 38.2% Fibonacci level of $1.3792. Should BONE maintain this stance, conditions are ripe for another potential surge, targeting first the 23.6% Fibonacci level at $1.4052 and then, optimistically, the early August peak of $1.8155.
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