Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
Gamza KhanzadaevWhat'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.
Yuri MolchanToday, 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.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin