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Shiba Inu's BONE Shows Interesting Price Action Amid SHIB Falling

Fri, 12/30/2022 - 15:29
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Gamza Khanzadaev
Shiba Inu ecosystem token price turns green even as SHIB itself is falling
Shiba Inu's BONE Shows Interesting Price Action Amid SHIB Falling
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Despite the year-end fall in cryptocurrency prices, some cryptocurrencies still manage to show a positive price trend. One such example is a token from the Shiba Inu ecosystem, and most interestingly, it is not SHIB, but BONE. Thus, the price of the token with the dog bone on its logo continues to test a key resistance zone around $0.847.

Source: TradingView

Whopping 83 Billion SHIB Burned During 2022, Here's What's Next

What's up with BONE?

The greening of BONE quotations at a time when SHIB and most of the rest of the cryptocurrencies are trading in the red is not surprising. The token has a relatively small supply in circulation, as well as a rare presence on centralized platforms, which already creates good ground for pumps.

However, the catalyst for such price dynamics is the fresh news and rumors around Shibarium, the Layer 2 protocol, where BONE has a special place. In a tweet from a year ago, we know that BONE will be the payment currency for gas in Shibarium.

SHIB Whales Holding Much Less Shiba Inu Than in Early December – What's Happening?

Today, however, new hints emerged online from lead developer Shiba Inu that something is due to happen "very soon." Clearly, as on previous occasions, such speculation once again cheered up BONE against the backdrop of a market-wide decline.

BONE is now trading at $0.812, up 6% in the final month of the year. However, the monthly candle's closing below the identified key resistance zone creates the risk of BONE's price pulling lower.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.