Main navigation

Shiba Inu's BONE Up 8% on Broad Ecosystem Hype, Details

Sat, 08/05/2023 - 11:27
article image
Godfrey Benjamin
Bone ShibaSwap (BONE) leading altcoin uptrend ahead of Shibarium launch
Shiba Inu's BONE Up 8% on Broad Ecosystem Hype, Details
Cover image via

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.

Read U.TODAY on
Google News

The crypto ecosystem is experiencing mixed growth today, and tokens within the Shiba Inu (SHIB) ecosystem are notably on a bullish run at this time. Of the top tokens in the meme coin ecosystem, Bone ShibaSwap (BONE) is on a defined rally, soaring as high as 5.4% in the past 24 hours to $1.73. For the past week, the token is up by more than 24% as it is also riding on the broader ecosystem hype.

Shiba Inu's Shibarium Token BONE Soaring, Here Are Likely Reasons

BONE Price Chart
BONE price chart. Source: CoinMarketCap

The hype in question is hinged on the expectations of a new era as will be brought on by the launch of Shibarium on the mainnet this August. With the launch timeline already revealed for some weeks now, community members have been pricing in the event with a unique focus on BONE.

BONE is billed to play a vital role in the Shibarium ecosystem as it will serve as the de facto governance token recognized in the ShibaSwap protocol and, by extension, the broader Shiba Inu world.

BONE has joined the overall hype that Shibarium is heralding as more projects will eventually make their way to the Ethereum-Layer 2 protocol, which will in turn be listed on ShibaSwap, where the demand for BONE will be generally bolstered.

Shiba Inu's BONE Retains Bullish Momentum, Is Dump Close By?

BONE's next bullish target

With the consistency with which BONE is growing, bulls within the ShibaSwap governance token ecosystem are setting their sight on a new high. At the current price, BONE is eyeing a return to the resistance point around $2.

This point is very significant for BONE as it has touched that level at least twice since January 2022 but has never, on either of those occasions, formed a sustainable support at that price level. The launch of Shibarium and the positivity that will trail the event might be a major game changer in the short- to midterm.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.