Gushiken Yona
Bone ShibaSwap (BONE) is making waves. The token has seen a dramatic spike in trading activity, with its 24-hour volume soaring over 72% and the price rising over 7%.
Bone ShibaSwap (BONE), the governance token of ShibaSwap and the official gas fee token of Shibarium, is back in the spotlight. As of 8:34 p.m. ET on Wednesday, the token’s market capitalization has also climbed by 7.43%, reaching approximately $91.07 million, according to CoinMarketCap data.
Several factors are likely contributing to this renewed interest. The broader crypto market has experienced a recent upswing, with the global market cap rising 8.76% to $2.52 trillion and trading volume soaring 145.17% to $222.56 billion.
Some analysts attribute this bullish sentiment to the recent election of Donald Trump as the 47th U.S. President. This renewed optimism seems to be extending to altcoins and meme coins like Bone ShibaSwap.
The Shiba Inu team’s ongoing development of exciting projects, including Shytoshi Kusama’s announcement of the proposal for the Shiba Inu Hub for Innovation and Blockchain (S.H.I.B.) might have contributed to this momentum as well.
A closer look at the multi-month chart of BONE reveals several intriguing developments. While the token experienced a sustained downtrend from mid-July through early November, recent price action suggests a possible trend reversal.
The token has stabilized around the $0.39 level, attracting traders who view this as a “bottoming out” signal. This is particularly noteworthy following a prolonged decline. The surge in trading volume, reaching nearly $7 million, further underscores this trend.
The Relative Strength Index (RSI), a momentum indicator, currently sits at 52.31, indicating a neutral sentiment with neither overbought nor oversold conditions dominating the market. This suggests that the recent rise in BONE’s price has not yet entered overextended territory.
However, it’s important to approach these developments with a balanced perspective. The crypto market remains inherently volatile, and BONE’s price is still significantly below its all-time high. External factors, such as regulatory developments and macroeconomic conditions, could also impact the token’s performance.
Despite these uncertainties, the recent surge in trading volume and the positive price action indicate a potential turning point for Bone ShibaSwap. The coming weeks and months will be crucial in determining whether this renewed interest can translate into sustained growth and a realization of the project’s long-term potential.
Read More
- Shiba Inu Trading Volume Soars Over $1 Billion in Triple-Digit Surge
- Shiba Inu Price Soars on Kusama’s Vision of a Blockchain Silicon Valley-S.H.I.B
- Shiba Eternity Web3 Beta Bash Crowns Its First Top Dogs—And They’ve Got the $BONE to Prove It!
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
