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Shiba Inu: BONE Token Soars By 11%, How High Can It Go?
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Shiba Inu-Based BONE Token Soars By 11%, How High Can It Go?

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Shiba Inu BONE

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In a surprising turn of events, the Shiba Inu-based BONE token has emerged as one of the top-performing assets in today’s crypto market. Despite the broader market’s subdued performance, the Bone Shibaswap (BONE) token has registered an 11% surge in the past 24 hours.

Why Is The Shiba Inu-Based BONE Up?

The primary catalyst behind BONE’s commendable price action is a series of positive developments within the Shiba Inu ecosystem. A significant boost came from the recent overhaul of the Shibarium testnet explorer, Puppyscan. Furthermore, the ongoing process of releasing previously stuck BONE tokens to users has also played a pivotal role.

As NewsBTC reported, the Shibarium layer-2 network faced a significant technical glitch with its bridge contract, resulting in roughly $1.7 million worth of Ethereum getting trapped between Ethereum and the layer-2 solution post the Shibarium launch on August 16.

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Lucie, a renowned Shiba Inu influencer, recently updated the community about the BONE status on Shibarium. She confirmed that many users have now received their previously stuck BONE tokens, a claim that has been corroborated by several other users.

Another driving factor behind BONE’s rising popularity is the ongoing enhancement and optimization of the Shibarium mainnet in anticipation of its public relaunch. Shytoshi Kusama, on Wednesday, unveiled a slew of new features designed to elevate the user experience on the layer-2 scaling solution. Remarkably, Shibarium is still in private mode and not relaunched for the public yet.

BONE Price Analysis

Since it was announced that the Bone ShibaSwap (BONE) token would become the gas token of the long-awaited scaling solution for Shiba Inu, Shibarium, the price has been in a strong uptrend. This was only dampened by the failed launch of Shibarium. However, yesterday’s news has given new momentum to the BONE token.

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BONE has thus completed its retracement to the 61.8% Fibonacci retracement level at $1.10. In the past two days, BONE managed to rise above the 200-day EMA (blue line). Yesterday, both the 50% and 38.2% Fibonacci retracement levels were broken. Especially the latter at $1.3792 is of utmost importance for the further price development.

Shiba Inu BONE price
BONE price resumes uptrend, 1-day chart | Source BONEUSDT on TradingView.com

From February to mid-March this year, the price level served as the most valuable support. Currently, a retest of the 38.2% Fibonacci retracement level at $1.3792. Should the BONE bulls manage to defend this level, the conditions would be in place for another push higher.

Next target would be the 23.6% Fibonacci retracement level at $1.4052 before BONE could complete its correction and target the early August high at $1.8155. To that level would be another 29% upside. A move above the August high would be seen as opening the door for an attack on the all-time high at $2.10, representing a whopping 48% price increase.

After that, BONE would enter the price discovery phase. A target could be the 1,618 Fibonacci extension at $2.25.

Featured image from Shiba Inu Ecosystem, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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