- Key on-chain metrics paint a bright picture for $BONE, but thereโs a catch.
- Shibariumโs gas fee token Bone ShibaSwap gained 53.8% since last month.
- Shibarium L2 is set to drop next month during the ETHToronto conference.
Shiba Inuโs alternative token, Bone ShibaSwap (BONE), scooped up significant gains this month as the hype surrounding the Shibarium L2 mainnet launch continues to grow. Previously confirmed to be the official gas and governance token for Shibarium, $BONE briefly made it back to the TOP 100 by global cryptocurrency market capitalization on Sunday.
Key On-Chain Indicators Turn Green
On the technical side, BONE has produced a rare instance of four in a row bullish on-chain signals. This is evident by the blockchain data provided by analytics firm IntoTheBlock, which indicates a steady network growth and a 2.07% hike in โIn The Money.โ
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According to this key-on-chain metric, 79% of BONE holders profit from this price. The favorable bullish setup is complemented by a drop in large transactions and concentration, indicating that Ethereum whales are not selling off their $BONE assets even in the price consolidation phase.
One More Barrier to Cross for BONE
After quickly reclaiming a spot inside the TOP 100, BONE faced strong resistance at $1.50, the daily high and seven-day high for Shibariumโs gas fee token.
This has been the third time this month for $BONE to get rejected at the $1.50 key resistance levels, even though the bullish breakout resulted in 53.8% gains in a month, while $BONE added another 10.2% to its market value over the last seven days.
At press time, the #111 ranked altcoin BONE trades at $1.47, according to CoinGecko. The last time Shiba Inuโs alternative token broke through this barrier was in March, but it could not hold the line for more than a week.
On the Flipside
- Despite the 117.5% yearly gains, $BONE is still 90.66% down from its all-time high of $15.50 two years ago.
- The gas fee tokenโs max supply is capped at 250,000,000, even though Shibarium is projected to be used by a billion people.
Why This Matters
Shibarium L2 is slated for launch next month, while both the Shiba Inu community and whales expect an increase in demand.
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