Memecoins
Analyzing Shiba Inu’s rising hype ahead of Shibarium’s launch
SHIB and BONE both gained bullish momentum last week, and here’s the reason why Shibarium may be behind this rise.
- SHIB’s supply on exchanges declined, and positive sentiment rose.
- BONE’s price increased by over 20% in the last seven days, and metrics remained bullish.
As Shiba Inu’s [SHIB] much-awaited Shibarium launch drew closer, the hype around SHIB also increased. This was evident from the massive increase in the token’s accumulation over the last few weeks. Apart from SHIB, Bone ShibaSwap [BONE] also gained bullish momentum as its price registered upticks over the past week.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
Shibarium hype is ever-rising
Shiba Inu recently published a new blog, which gave new details regarding Shibarium’s launch. Notably, the Shiba Inu team will be minting the remaining BONE prior to the launch and renunciating the BONE contract so that no further minting will be possible.
The blog also mentioned that this was a necessary step to starting the blockchain, as a significant portion of BONE is allocated to the first role in the upcoming system – validators.
SHIB is faring well
Amidst this, Shiba Inu’s demand witnessed a massive increase. This was evident from the massive dip in its supply on exchanges. While this happened,
SHIB’s exchange outflow spiked, further suggesting high demand.The entire crypto community was also confident in the token, as its positive sentiment remained high over the last few weeks.
Source: Santiment
As per CoinMarketCap, the memecoin was up by over 6% in the last seven days. At press time, it was trading at $0.000008291 with a market capitalization of $4.8 billion.
SHIB’s price could rise further ahead of the launch as its Exponential Moving Average (EMA) Ribbon displayed a bullish crossover. Its MACD also revealed a bullish upperhand in the market.
However, Shiba Inu’s Relative Strength Index (RSI) registered a downtick, which was concerning.
Source: TradingView
BONE is ahead of Shiba Inu
Though SHIB’s price action was positive, BONE’s performance was better. In fact, the token’s price increased by over 20% in the last week. As per CoinMarketCap, in the last 24 hours alone, BONE’s value rallied by 6%.
At the time of writing, it was valued at $1.53, with a market cap of $351 million.
How much are 1,10,100 BONEs worth today?
The memecoin’s on-chain performance was also robust, suggesting further growth. For instance, the price uptrend was accompanied by a massive surge in trading volume. Its 1-week price volatility was also high.
On top of that, whale activity around BONE increased over the last few days as whale transaction counts increased.
Source: Santiment
