Gushiken Yona
Bone ShibaSwap (BONE) is charging ahead, its price climbing as trading volume doubles and derivatives activity surges. Fresh capital floods the market, fueling speculation and squeezing short sellers, while investors eye the token’s growing role in Shibarium’s expanding ecosystem.
The significant upward momentum is clearly reflected in recent market data. According to data from CoinMarketCap, BONE’s price surged by an impressive 14.31% over the last 24 hours, pushing it to trade around $0.4059 at the time of reporting.
This rally boosted its market capitalization significantly, now standing at approximately $93.33 million. Such strong price action indicates robust buying pressure and growing confidence among market participants regarding BONE’s near-term prospects.
BONE Derivatives Volume Doubles, Open Interest Rises
The bullish sentiment extends firmly into the derivatives arena, indicating heightened speculative interest. Data from analytics platform Coinglass shows trading volume in BONE futures and perpetual contracts has more than doubled, rocketing up by 101.71% in the last day to hit approximately $217,050.
Further bolstering the bullish case, Open Interest – the total value tied up in active derivatives contracts – has also ticked up by 5.64% to $84,210. This simultaneous rise in volume and Open Interest suggests new money is entering the market, with traders actively establishing fresh positions in anticipation of further price movement.
Short Sellers Squeezed as Liquidations Mount
While aggregate long/short ratios might show a slight bearish lean, recent liquidation patterns paint a picture of significant pressure on short sellers. Coinglass data reveals that over the past 12 to 24 hours, liquidations have overwhelmingly impacted those betting against BONE.
Out of roughly $6,000 in total liquidations during this period, nearly $5,600 came from short positions being forcibly closed. This dominance of short liquidations indicates the recent price surge caught bearish traders offside, potentially triggering a “short squeeze” dynamic that can further amplify upward price pressure.
BONE Utility Grows with Shibarium Ecosystem Expansion
Beyond the immediate market dynamics, BONE’s fundamental role within the Shiba Inu ecosystem provides a strong narrative anchor. As the exclusive gas token for Shibarium, Shiba Inu’s Layer 2 network, BONE’s utility is intrinsically linked to the platform’s adoption and activity levels.
Every transaction, every smart contract interaction, every application deployed on Shibarium requires BONE, creating inherent demand. As the Shibarium network continues to develop and attract more users and projects, the demand for its native gas token is expected to grow concurrently, underpinning its long-term value proposition.
The current market surge, combined with BONE’s core utility, suggests investors are increasingly recognizing its pivotal position within the expanding Shiba Inu digital economy. While market volatility remains a constant in crypto, the confluence of positive data points presents a compelling case for BONE’s recent momentum. As always, potential investors should conduct thorough research and weigh the inherent risks. This article does not constitute financial advice.
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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.
