Shiba Inu’s BONE Pumps 35%, On-Chain Data Uncovers Next Target

Shibarium hype digs $BONE out of the pit, as the gas fee token gears up for another run.

Shiba Inu on an Empire state building with shiba BONE at the top.
Created by Kornelija Poderskytė from DailyCoin
  • Bone ShibaSwap (BONE) records 35% weekly growth.
  • The Shibarium gas fee token recently reclaimed a crucial mark.
  • On-chain metrics show one bullish indicator for $BONE.

Shibarium hype has triggered the gas fee token Bone ShibaSwap (BONE) to restore a crucial resistance level. The recently confirmed August 15-16th appearance in ETH Toronto has led many crypto investors to believe $BONE will increase in demand. 

Provided Shibarium launches smoothly, $BONE is likely heading towards the $1.80 fundamental support line, last reached on February 25, 2023. At press time, $BONE trades at $1.33 and ranks at #111, according to CoinGecko.

There are 82,993 holders of Bone ShibaSwap, and $BONE’s on-chain metrics reveal an impressive 73% of holders are making money at the current price. Confirmed to be the governance and gas fee token on Shibarium, $BONE will be a needed asset for every transaction on the new blockchain.

New Shibarium Spaces Might Include a Surprise

Following last week’s developments, SHIB Token’s marketing specialist Lucie announced an upcoming Twitter Spaces. Prominent members of the SHIB Army will discuss the Worldpaper, Shiboshis NFT, Shibacals physical studio, and Bad Idea AI, their newest partner.

Last week, Shytoshi Kusama gave an introduction to the Worldpaper in the Chinese “Mo Sui Sibainu” blog post, also confirming the status of the title sponsor in the upcoming Blockchain Futurist Conference. This year’s edition of ETH Toronto might be a witness not only to Shibarium’s mainnet launch but also the fourth token – $TREAT.

On the Flipside

  • The on-chain signals for $BONE point to a 15.21% decrease in large transactions, meaning decreased whale activity on the network.

Why This Matters

Shiba Inu’s Layer-2 solution can provide scalability, interoperability, and utility to the popular memecoin.

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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.

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.