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Shiba Inu's BONE Up 10% as Price Gains on Positive News Inflow

Sun, 12/04/2022 - 09:23
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Tomiwabold Olajide
BONE is also up surprising 28% over past seven days amid positive sentiment
Shiba Inu's BONE Up 10% as Price Gains on Positive News Inflow
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BONE, the governance token of the Shiba Inu ecosystem, has made an amazing jump of 12% in the last 24 hours. This comes as most cryptocurrencies posted losses or even minimal gains in the said timeframe.

At the time of publication, BONE was trading up 11.31% at $0.93. The increase also coincides with a 25% jump in trading volumes, with $5,566,761 worth of BONE traded in the last 24 hours.

BONE is also up a surprising 28% over the past seven days amid positive sentiment from investors and the exchange listings it recorded in the past week.

In the week that passed, New York-based crypto trading platform Uphold announced the listing of Bone ShibaSwap, which would allow retail investors to now buy and sell Shiba Inu's governance token on the platform.

A day before this announcement, SunCrypto, a leading cryptocurrency exchange in India, also announced the launch of BONE on its platform. Likewise, favorable technicals might have helped buoy the BONE price.

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Shiba Inu's BONE Token Now Listed on Another Crypto Exchange

In recent weeks, BONE has risen in the crypto market rankings. With a current market valuation of $146,460,221, among a total of 21,924 cryptocurrencies listed on the global aggregator CoinMarketCap, BONE currently ranks as the 148th largest cryptocurrency.

BONE is outperforming SHIB, a major token in the Shiba Inu ecosystem. At the time of publication, SHIB was just up 0.16% at $0.0000093 as it consolidates ahead of a major move.

BONE embarks on massive run

Since Nov. 22, when it posted a bullish double bottom pattern at $0.60 lows, BONE has been on a tear. Taken from Nov. 22, BONE has seen 11 out of 12 days of positive price action.

Specifically, since Nov. 27, BONE is set to mark its sixth consecutive green day of price action.

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Shiba Inu's BONE Outperforming SHIB, This Might Be Why

BONE has also broken through key resistance levels at the daily MA 50 and 200, emphasizing its rise. The daily RSI has not yet reached overbought 70 levels, suggesting that the run might still take a little while before exhaustion sets in.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.