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Shiba Inu: BONE Jumps 20%, Two Reasons for Sudden Rise

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Fri, 8/12/2023 - 13:20
Shiba Inu: BONE Jumps 20%, Two Reasons for Sudden Rise
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Shiba Inu governance token and Shibarium gas token BONE surged toward the $1 mark in early Friday trading, reaching highs of $0.97 before slightly retreating.

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At the time of writing, BONE was up 20% since the previous day to $0.922. Its 24-hour trading volume has spiked by 100.40%, with $18,515,300 worth traded. The Shibarium token has risen 47.51% in the last seven days.

BONE has been on a steady rise since November's close, when Shibarium transactions began soaring unexpectedly.

TradingView
BONE/USD Daily Chart, Courtesy: TradingView

In the process of the rise, BONE, which had flatlined below the daily MA 50 barrier at $0.69, made a move beyond this level for the first time in months. The rally also attempted to sustain above the daily MA 200 barrier at $0.953, which bulls temporarily did by hitting $0.97, but the momentum waned.

Transactions on Shibarium, Shiba Inu's Layer-2, started soaring at the close of November, rising from roughly four million total transactions to reach the 59 million mark.

Per Shibarium scan data, Shibarium total transactions have now reached 59,922,150, while total blocks are now at 2,007,410.

Earlier in the week, Shiba Inu developer Kaal Dhairya made an important clarification on the surge in Shibarium transactions. He clarified that these were not spam transactions and were caused by SRC-20 minting.

Related
Shiba Inu's BONE Millionaire Addresses Spike Amid Price Lull

With thousands of BONE spent, gas fees rose tremendously, which led to exponential growth in burns, which helped to burn SHIB.

As stated in a recent blog post, the future of Shibarium’s token burning mechanism—split into manual and automated—seems promising. The Shibarium network is expected to undergo several upgrades to streamline both the manual and automated burning processes.

Another factor that might have accelerated BONE's rise is a new exchange listing. CoinRabbit, a crypto lending platform, has just announced the listing of BONE. Shiba Inu lead Shytoshi Kusama draws attention to the new listing announcement on X.

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