- A veteran trader points out favorable on-chain signals for $BONE.
- The latest bull run has a lot to do with Shibarium mainnet hype.
- Shiba Inu’s gas fee token $BONE outran BTC & ETH by four times.
The alternative token of the Shiba Inu Ecosystem is gaining traction among investors looking for the next big thing in Web3. Naturally, Bone ShibaSwap (BONE), the gas fee token for Shibarium L2, spiked once rumors surfaced that the mainnet is due for a mid-August release.
Veteran crypto trader Eric Cryptoman pointed out that Bone ShibaSwap has a market cap of just $242 million – significantly less than the leading digital assets, Bitcoin (BTC) and Ethereum (ETH). To illustrate, BTC and ETH comprise around 69% of the market.
In monthly terms, Bitcoin grew by 14.7% in the last 30 days in the wake of BlackRock, a heavyweight investor company, applying for a Bitcoin ETF. The father of all cryptos broke through $31,000 in the latest bull run and outran the closest competitor, Ethereum.
On the other hand, Ethereum has grown by 3% since last month in a rollercoaster ride for the largest Proof of Stake cryptocurrency in the market. In comparison, Shiba Inu’s $BONE reclaimed a fundamental support line at $1 while soaring by a whopping 37.4% in 30 days.
Trader Unravels Magnet for Shiba Inu’s BONE
As the community expectations grow, Eric Cryptoman also sees a “2.5x liquid bounce” probability, given that Shibarium L2 mainnet launch will go smoothly this summer. The crypto investor emphasized that Shiba Inu has a very large community, consisting of millions of active members.
However, the blockchain explorer indicates there are slightly more than 80,000 Bone ShibaSwap holders. As previously reported, SHIB Token confirmed $BONE as the only gas fee token on Shibarium L2. Ultimately, this means that once the mainnet goes live, millions will need $BONE to operate the network.
At press time, Shiba Inu’s BONE trades at $1.06, according to CoinGecko. If the bullish trend persists, $BONE will head toward the centermost support line at $1.50 before reaching the magnet target of $2.
According to the chart analysis, the price range of $2 – $2.50 is most likely in the scenario of Shibarium’s mainnet dropping this summer. In such a case, $BONE would restore the 2021 support levels achieved days after launch.
On The Flipside
- Despite many requests by the Shiba Inu community, popularly known as SHIB Army, few major exchanges have adopted Shiba Inu’s BONE.
- Neither Binance nor KuCoin answered the listing requests. However, $BONE can be traded on Huobi, Crypto.com, OKX, or Biconomy.
Why This Matters
While the 2023 bull run is mainly focused on Bitcoin, there are still altcoins that have managed to outperform the largest digital asset.
Read DailyCoin’s latest crypto news:
This year has been particularly challenging for most altcoins. However, the largest crypto asset Bitcoin (BTC) broke through $30,000 for the first time since June 7th, 2022. 2023 has also seen a short memecoin craze with PEPE, DOGE, and SHIB skyrocketing for a few weeks.
Cryptocurrency is vaguely regulated. Therefore, its legality depends on the jurisdiction. Some countries, usually referred to as crypto hubs, are more pro-crypto than others.
$BONE just reclaimed the $1 critical support level. Some experienced crypto traders believe that ‘the magnet’ will be between $2-$2.50 if Shibarium sees a smooth mainnet launch.
There are 250,000,000 $BONE tokens in max supply, while 229,922,965 tokens are currently in circulation. The Shiba Inu community voted for no further $BONE to be minted.