With Shibarium beta set for launch this week, did focus shift to BONE?
- BONE logged gains of more than 18% in the week-to-date period.
- Despite BONE’s growth, most indicators were pessimistic about SHIB’s outlook.
BoneShibaSwap [BONE] has become the newest star in the Shiba Inu [SHIB] ecosystem. The coin was one of the best-performing cryptos in the market over the last week.
At the time of writing, it logged gains of more than 18% in the week-to-date period and nearly 6% over the past 24 hours, per data from CoinMarketCap. With the increase in price, BONE’s market cap also expanded by nearly 16% over the last week.
As the much-awaited Shibarium beta gets ready for launch, BONE’s price could see further upswings in the coming week.
Read Bone ShibaSwap’s [BONE] Price Prediction 2023-2024
The king of Shibarium!
BONE will be at the center of the upcoming Shibarium ecosystem as it will be a utility token on the Ethereum layer-2 protocol. All the gas fees on the protocol will be paid using the BONE token.
BoneShibaSwap has already mentioned that after the launch, Shiba Inu holders would be able to buy BONE by burning their SHIB tokens with every transaction.
According to data from Santiment, BONE’s network growth spiked after the Shibarium beta announcement was made public. This indicated that new users showed interest in the prospects of BONE.
On the other hand, after climbing on Shibarium’s news, the velocity dropped sharply, implying that the frequency with which BONE tokens moved across wallets had reduced.
Interestingly, BONE holders bathed in profits. The daily transaction volume in profits soared 175% over the past four days. The 30-day MVRV Ratio was positive indicating that most holders would earn a profit on their sales.
The high MVRV Long/Short Difference revealed that it was the long-term bulls who would profit more, thus removing the possibility of an immediate sell pressure on the price.
Realistic or not, here’s SHIB’s market cap in BTC terms
SHIB stays out of the party!
Amidst all the buzz surrounding BONE, the parent token of the Shiba Inu ecosystem registered marginal gains in the last 24 hours, as per CoinMarketCap.
However, most indicators were pessimistic about the meme coin’s outlook. The Relative Strength Index (RSI) dipped below neutral 50 at press time, sounding a bearish alarm.
The Moving Average Convergence Divergence (MACD) line moved below the signal line, suggesting that SHIB’s price could see a further drop. The On Balance Volume (OBV) was on a retreating trajectory, lending more evidence to the bearish narrative.