Bone ShibaSwap price peeks 15% as Shiba Inu ecosystem unleashes ‘gateway to something extraordinary’
- Bone ShibaSwap price peeked 15% to record an intra-day high of $0.9219, outperforming all meme coins.
- The move has seen BONE break through the key support barrier successfully in the tenth attempt this month.
- It comes as Shiba Inu developers design the Shiba Hub, expected to integrate with the Shibarium network.
Bone ShibaSwap (BONE) price is recounting what appears to be a recovery rally, after a 45% slump. The ascent is likely associated with the Shiba Inu ecosystem, whose developers are working to unleash a “gateway to something extraordinary,” according to Shiba Inu’s marketing specialist Lucie Sasnikova.
Also Read: Shiba Inu inspired meme coin BONE notes first rise following the 55% crash in two months
Bone ShibaSwap price rises on Shiba Inu announcement
Bone ShibaSwap (BONE) price is up 15%, extending the recovery rally that began on Monday September 25. The move north is supported by the uptick indicated by the Relative Strength Index (RSI), pointing to growing momentum. The position of bulls in this respect is bolstered by the steady flow of green histogram bars on the Awesome Oscillator (AO) as they swiftly move towards the positive side.
If momentum is sustained, Bone Shiba Swap price could extend the gains past the 50-, 100-, and 200-day Exponential Moving Averages (EMA) at $1.0219, $1.0871, and $1.0983 levels respectively. A break and close above these levels could entice more long positions, with the ensuing demand pressure likely to send BONE to tag the supply zone at $1.2299.
BONE/USDT 1-day chart
Data from on-chain analytics platform IntoTheBlock shows a steady rise in the number of transactions, recording a 30% rise in 48 hours.
BONE transaction count, IntoTheBlock
This points to a growing interest in the token, an action that increases the odds of a continued move north.
On the downside, early profit-taking remains a threat, with traders who bought BONE at $0.7774 likely to start cashing in at current levels as Bone ShibaSwap price confronts the resistances presented by the EMAs. However, the likelihood of a continued move north supported by the RSI marinating the uptrend and the histograms’ deep green shade is likely to keep the less conservative traders interested.
If sellers have their say, Bone ShibaSwap price could pull south, with a break and close below $0.7774 invalidating the bullish outlook.
The Shiba Inu announcement that pumped BONE price
In a September 26 announcement, Shiba Inu’s marketing specialist Lucie Sasnikova revealed plans to deploy an app christened Shiba Hub, intended to revolutionize how people connect, share, and create.
Shiba Hub is not just another app. It's a gateway to something extraordinary.
— | ✨Shibarium✨ (@LucieSHIB) September 26, 2023
Imagine being part of a community that is revolutionizing the way we connect, share, and create.
With Shiba Hub, you have the opportunity to be at the forefront of innovation, to be part of… pic.twitter.com/GFzoqYRxxa
Touted as a “gateway to something extraordinary,” Shiba Hub will position users at the forefront of innovation, creating something expected to have a lasting impact. The news appears to have boded well for BONE, a meme coin inspired by the Shiba Inu. It happens that the meme coin community, particularly SHIB holders continue to wait for their big break, with the value of the meme coin still regarded as relatively low. BONE is best known for being a token of the Shiba Inu ecosystem.
Cryptocurrency metrics FAQs
What is circulating supply?
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
What is market capitalization?
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
What is trading volume?
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
What is funding rate?
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
