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BONE up 15% as Bulls Focus on These Three Key Reasons

Thu, 08/24/2023 - 16:10
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Godfrey Benjamin
BONE dramatically soars 15% amid Shibarium relaunch rumor
BONE up 15% as Bulls Focus on These Three Key Reasons
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In what comes as a major surprise to the Shiba Inu (SHIB) ecosystem, Bone Shiba Swap (BONE) has picked a dramatic uptrend after soaring as high as 15.85% at the time of writing to $1.38. The current outlook of the BONE token has helped it pare off some of its losses of the past week with 8.9% growth.

BONE Price Chart
BONE Price Chart. Source: CoinMarketCap

Shiba Inu Token BONE Booming 1,000% On-Chain Amid New Shibarium Update

Three possible BONE triggers

BONE has accompanied the majority of the tokens within the Shiba Inu ecosystem to record a massive downtrend from last week as the initial launch of Shibarium failed to meet expectations. One of the top triggers for the rebound of BONE is the fact that the bulk of Shibarium's negative sentiment has worn off, and investors are now looking forward to new trends.

Besides the faded bearish sentiment, Shibarium has been rumored to be back online, as teased earlier by members of the core team over the past few days. While Shytoshi Kusama has not confirmed the launch, the Puppynet Scan protocol has showcased the sustained production of blocks on the Layer 2 network.

The third key trigger is the general outlook of the digital currency ecosystem, which has improved since more than $1 billion were liquidated from the market last week. The combined market cap is recovering and paring off its lost gains, and with BONE being a direct beneficiary of the impending Shibarium relaunch, its growth has been unprecedented.

Shiba Inu (SHIB) Smashes New Adoption Milestone

Bull case for sustenance

BONE being on a bullish rampage today is not common for the token. While it is not categorically a meme coin, it is known to exhibit the same level of volatility as SHIB, LEASH and other prominent meme coins.

The reopening of Shibarium will bolster the utility of BONE and, as such, help sustain its bullish growth trend in the near future.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.