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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.
Tomiwabold OlajideIn 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.
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.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin