Shiba Inu-Based BONE Token Soars By 11%, How High Can It Go?
25 Agosto 2023 - 3:20AM
NEWSBTC
In a surprising turn of events, the Shiba Inu-based BONE token has
emerged as one of the top-performing assets in today’s crypto
market. Despite the broader market’s subdued performance, the Bone
Shibaswap (BONE) token has registered an 11% surge in the past 24
hours. Why Is The Shiba Inu-Based BONE Up? The primary catalyst
behind BONE’s commendable price action is a series of positive
developments within the Shiba Inu ecosystem. A significant boost
came from the recent overhaul of the Shibarium testnet explorer,
Puppyscan. Furthermore, the ongoing process of releasing previously
stuck BONE tokens to users has also played a pivotal role. As
NewsBTC reported, the Shibarium layer-2 network faced a significant
technical glitch with its bridge contract, resulting in roughly
$1.7 million worth of Ethereum getting trapped between Ethereum and
the layer-2 solution post the Shibarium launch on August 16.
Related Reading: Shiba Inu Burn Tracker Unveils SHIB Association,
What Is It About? Lucie, a renowned Shiba Inu influencer, recently
updated the community about the BONE status on Shibarium. She
confirmed that many users have now received their previously stuck
BONE tokens, a claim that has been corroborated by several other
users. Another driving factor behind BONE’s rising popularity is
the ongoing enhancement and optimization of the Shibarium mainnet
in anticipation of its public relaunch. Shytoshi Kusama, on
Wednesday, unveiled a slew of new features designed to elevate the
user experience on the layer-2 scaling solution. Remarkably,
Shibarium is still in private mode and not relaunched for the
public yet. BONE Price Analysis Since it was announced that the
Bone ShibaSwap (BONE) token would become the gas token of the
long-awaited scaling solution for Shiba Inu, Shibarium, the price
has been in a strong uptrend. This was only dampened by the failed
launch of Shibarium. However, yesterday’s news has given new
momentum to the BONE token. Related Reading: Shiba Inu Ecosystem
Token BONE Surges 88%, Too Late To Buy? BONE has thus completed its
retracement to the 61.8% Fibonacci retracement level at $1.10. In
the past two days, BONE managed to rise above the 200-day EMA (blue
line). Yesterday, both the 50% and 38.2% Fibonacci retracement
levels were broken. Especially the latter at $1.3792 is of utmost
importance for the further price development. From February to
mid-March this year, the price level served as the most valuable
support. Currently, a retest of the 38.2% Fibonacci retracement
level at $1.3792. Should the BONE bulls manage to defend this
level, the conditions would be in place for another push higher.
Next target would be the 23.6% Fibonacci retracement level at
$1.4052 before BONE could complete its correction and target the
early August high at $1.8155. To that level would be another 29%
upside. A move above the August high would be seen as opening the
door for an attack on the all-time high at $2.10, representing a
whopping 48% price increase. After that, BONE would enter the price
discovery phase. A target could be the 1,618 Fibonacci extension at
$2.25. Featured image from Shiba Inu Ecosystem, chart from
TradingView.com
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