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BONE, Shiba Inu's governance token, is up 10% in the last 24 hours as its price continues its rise from its Dec. 13 low of $0.70. At the time of publication, BONE was changing hands at $0.859, outperforming SHIB in 24-hour gains.
BONE is also gaining ground against Bitcoin and Ethereum, up 6.13% and 5.69% in its BTC and ETH pairings, respectively.
The reasons for the recent rise might be due to the Shiba Inu community's keen anticipation of a big exchange listing for BONE.
Bone Shibaswap has seen a surge in listings in recent months as it has gained popularity among both small and major investors.
Notably, as SHIB made its debut on multiple platforms, those who were interested in the Shiba Inu ecosystem and its vibrant community went on to list other tokens in the Shiba Inu ecosystem, such as Bone Shibaswap (BONE) and Doge Killer (LEASH).
According to crypto influencer Zack Humphries, SHIB might just be beginning; therefore, SHIB's popularity would inevitably extend to other tokens in the ecosystem, including BONE.
Bone is also gaining traction as investors consider its expanding utility in the Shiba Inu ecosystem. Among several imminent use cases, BONE would be used as gas for the incoming Layer 2 shibarium and also as a reward for validators. Buyers ramping up for BONE's price action might be another cause for a price increase.
On Dec. 13, BONE hit support at $0.70, where buyers emerged. As a result, its price recovered nicely.
On Dec. 14, bulls used the foundation formed at this support to propel BONE's price higher. The daily RSI has moved above the neutral level of 50, indicating that buyers might continue their attempt to push BONE prices in the short term.
In this scenario, the general market trend may come into play — just like most crypto assets.