Shiba Inu’s BONE Up 25% as Rebound Rally Enlarges Market Cap

One key on-chain metric is to blame for the sudden increase in $BONE’s market value.

Punk dog with a sports car, with bone accessories and ''BAD2BONE'' numberplate.
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  • Bone ShibaSwap (BONE) market cap scoops up $40 million in a week.
  • Today marks the first anniversary since Ryoshi left the community.
  • Shibarium’s gas fees would be lower in bull cycles, developers reveal.

The SHIB Army, the community dedicated to pursuing Ryoshi’s vision for Shiba Inu (SHIB), commemorates his last message before vanishing. “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens,” uttered the mysterious Shiba Inu founder in a May 30th, 2022 tweet. 

BONE Reclaims $200M Market Capitalization

One key on-chain metric turns bullish for Bone ShibaSwap (BONE), as Shiba Inu’s alternative token records 25% weekly gains. 46% ‘In the money’ signal indicates that over 10% more current $BONE holders are making a profit at this price. As a result, $BONE reached a $204 million market cap on Monday, picking up $40 million in the last seven days.

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At press time, Shibarium’s gas fee token BONE is priced at $0.890872, according to CoinGecko. Bullish divergence seems to have sunk in with 25% weekly gains and continuing bullish momentum with a 1.3% increase in the last 24 hours. 

Ranked #180, the gas fee token is gearing up to restore another crucial support level above $0.90 if the bullish trend persists. In a recent Discord Ask-Me-Anything (AMA) session, one of Shibarium’s developers revealed that BONE price would inverse correlation with the gas fees on the network.

According to the latest statements by SHIB Token’s moderator team, Shibarium Layer-2 is due for release in Q3 of 2023. In addition, the longed-for SHIB: The Metaverse project is slated for a Q4 of 2023 launch. Indeed, these projects would use $BONE on every transaction, while the Shibburn dApp on Shibarium has a cumulative burn function, swapping $BONE for $SHIB.

On The Flipside

  • Shibarium developers reported rising phishing attacks exploiting Shibarium Tech’s name.
  • On-chain metrics unveil a 3.65% decrease in large transactions, which could flag the return of the bears.

Why This Matters

Shiba Inu’s Layer-2 scaling solution can bring more utility to the ERC-20 token.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.