BONE and SHIB Cryptos Surge Amid Shibarium’s Performance Boost
Why are SHIB and BONE Prices Rising?
Over the past week, we have observed a 15% and 1.7% increase in the cryptocurrencies BONE and SHIB respectively. The majority of market figures and indicators for these two tokens showed predominantly positive trends. One of the most popular tokens of the Shiba Inu [SHIB] ecosystem, Bone ShibaSwap [BONE], recorded a double-digit increase last week. But not only BONE, the price of the network’s flagship token, SHIB, also remained in the green. A possible reason for this uptrend could lie in the performance of Shibarium.
The Shiba Inu Ecosystem is Bullish
Data from CoinMarketCap showed that BONE has risen by more than 15% in the last seven days. At the time of writing this article, the trading price was $0.7092 with a market capitalization of over $163 million. While the price of BONE was rising, the price of SHIB also gained upward momentum. At the time of the press release, SHIB was 1.7% higher than 24 hours ago and was trading at $0.000008533, with a market capitalization of over $5 billion.
A look at data from Santiment shows that the popularity of BONE in the crypto market has risen in the last week, as evidenced by its consistently high social volume. The same cannot be said for Shiba Inu, however, as its social volume has dropped after a spike on November 29th at the time of publication.
Shibarium’s Recent Achievement
A possible reason for the price increase of these two tokens could be Shibarium’s latest success. LUCIE, an official X (formerly known as Twitter) Handle of Shiba Inu, recently revealed that Shibarium’s daily transactions have reached a new high of 5.1 million. Things further improved as Shibarium’s daily transactions reached 7.4 million at the time of the press release. According to Shibariumsacn.io, the L2 has processed a total of more than 19 million transactions and 1.9 million blocks. The total number of wallet addresses also reached 1.27 million.
Will the Uptrend Continue?
To find out whether Shiba Inu can maintain its rise, Shiba Inu’s metrics were reviewed. According to data from CryptoQuant, SHIB’s exchange reserve is decreasing, suggesting that buying pressure is high. The token’s funding rate increased along with its price. This means that derivatives investors are buying SHIB at a higher price. In addition, the open interest also rose according to Coinglass – another bullish indicator.
As for BONE, its MACD showed a clear bullish advantage in the market. The token’s Money Flow Index (MFI) was also well above the neutral mark, indicating an increased probability of a sustained uptrend. However, nothing can be said with certainty as the price of BONE touched the upper limit of the Bollinger Bands. This could increase selling pressure and thus herald the end of BONE’s bull rally.
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