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Shiba Inu's BONE Gains 21% as Shibarium Utility Jumps

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Mon, 29/05/2023 - 13:55
Shiba Inu's BONE Gains 21% as Shibarium Utility Jumps
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The price of BONE, the governance token of Shiba Inu and the gas token of Shibarium, has increased by 21% over the past seven days. With these gains, BONE consistently surpasses leading dog-themed coins like Dogecoin and Shiba Inu.

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The Bone ShibaSwap (BONE) price has been on a steady rise since May 21 after a bottom was struck at $0.699. The Shiba Inu governance token saw a sharp rebound on May 22 as buyers emerged, resulting in a large green candlestick.

Afterward, BONE marked five out of six days in green with a massive candlestick on May 27. Its price jumped from lows of $0.786 to highs of $0.899 on May 27 as buyers stole the show.

This was sustained until May 28, with BONE seeing a massive 13% rise before relinquishing its daily gains. At the time of writing, BONE was up 1.45% in the last 24 hours to $0.891.

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Currently, BONE is tackling the barrier near the daily MA 50 at $0.90, which has hampered its price since mid-March.

If the bulls succeed beyond this barrier, BONE might aim for the $1.11 level coinciding with the daily MA 200 level next. On the other hand, if sellers gain the edge, BONE might remain in its current range, with support at $0.70.

Shibarium's growing utility

In addition to rebounding as a result of oversold conditions, the price of BONE may have changed in response to its expanding utility on Shibarium beta.

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Shibarium beta "Puppynet" reached the important threshold of one million blocks, as reported. PuppyScan reports that the testnet for Shibarium has created 1,045,679 total blocks. The Shibarium testnet has completed 13,799,001 transactions since its inception on March 11.

The number of interacting wallet addresses has surpassed 16 million at 16,072,285.

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