BONE Undervalued Gem? Analyst Predicts 5 to 20X Breakout Potential

BONE, the gas fee token powering Shiba Inu’s layer-2 blockchain Shibarium, is drawing attention as an undervalued asset with explosive growth potential. With Shibarium’s Total Value Locked (TVL) steadily rising, an analyst predicts BONE could deliver 5 to 20X returns, positioning it as a standout opportunity in the Shiba Inu ecosystem.

Analyst Predicts Massive Upside for BONE

Eric Cryptoman (@EricCryptoman on X), a full-time trader since 2016, known for his bold, high-risk, high-reward calls on emerging assets, earning a reputation as a “shitcoin maxi,” has placed a bold bet on BONE. He suggested it could achieve gains of 5 to 20 times its current value.

Highlighting the token’s essential role within Shibarium’s ecosystem, he emphasized the correlation between network activity and BONE’s potential price surge. “If Shibarium gets a hint of adoption, this rips potentially 5-20x,” Cryptoman said, adding that the network’s growing Total Value Locked (TVL) is already a bullish sign for the token.

At its current price of $0.70 and a market capitalization of $175 million, BONE remains a relatively small player compared to other tokens in the Shiba Inu ecosystem. However, its unique utility as Shibarium’s gas token, coupled with its deflationary tokenomics, gives it an edge that could drive significant growth.

Chart Analysis Hints at a Breakout

Cryptoman’s optimism is backed by technical analysis. The weekly price chart for BONE, which he shared on social media, highlights a prolonged period of consolidation following the token’s initial surge in mid-2022. Historically, such patterns often precede sharp price movements, particularly for tokens with improving fundamentals.

The chart also reveals a steady rise in trading volume over recent weeks, a key indicator of increasing investor interest. “$SHIB loves to move parabolic when it does,” Cryptoman noted, drawing parallels between BONE’s current setup and the explosive growth phases of Shiba Inu’s flagship token, SHIB.

If BONE were to experience a similar trajectory, it could surpass the conservative 5-20X growth prediction, potentially climbing into the range of $3.50 to $14 per token.

Shibarium’s Growing Inflows Boost Confidence

A major driver behind BONE’s potential is the increasing adoption of Shibarium, the Shiba Inu ecosystem’s Layer 1 blockchain. According to blockchain data, Shibarium’s TVL nearly doubled over the past month, signaling rising inflows of assets into the network.

Cryptoman pointed to this growth in a follow-up tweet:
“ShibariumNet TVL chart breaking out. Still very low, but a good sign of inflows is bullish for $BONE.”

As Shibarium continues to attract more users and projects, the demand for BONE, which serves as the network’s gas token, is expected to grow significantly. This utility-driven demand, combined with BONE’s deflationary tokenomics, positions the asset as a key beneficiary of Shibarium’s success.

BONE Price Action

As of 10:30 a.m. ET on Sunday, Bone ShibaSwap (BONE) was trading at $0.726, with a 24-hour trading volume of $10.41 million, reflecting a 2.13% increase. Over the past day, the token saw a 4.31% price gain, while its 7-day performance surged by 9.72%. More notably, BONE has experienced an impressive 74.80% spike in the last month.

CoinMarketCap data reveals that BONE’s circulating supply stands at 229.92 million tokens, with its market capitalization rising by 4.32% to reach $166.79 million.

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.

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