Bone ShibaSwap (BONE) has printed a sudden bullish revival, a trend that has sparked new speculations for the Shiba Inu (SHIB) ecosystem token.
Data from CoinMarketCap puts the current price of BONE at $0.6138, up 11.04% in the past 24 hours. The market capitalization is also up 11% to $141,380,896 with trade volume showing a sharp 41% spike to $141,380,896.
Just like Shiba Inu, BONE is known for occasional price spikes. It recorded a similarly parabolic surge earlier this month, when its price jumped by 13% in hours. The intrigue that has returned to BONE has elevated its weekly performance with growth now pegged at 10.25%.
What is Behind This BONE Rally?
The growth of BONE is particularly of interest, seeing it is coming at a time when the majority of altcoins, including Shiba Inu are on the downtrend. While the exact reason behind this BONE’s growth remains unknown, the logical explanation is that the token eventually hit a price floor after sustained drawdowns.
A significant buying action shockingly kicked in when the price of the asset dropped as low as $0.5516 earlier today, flipping the position as its support. The rebound was nostalgic and has been laced with volatility that makes it hard to determine whether or not the trend will be sustained.
As the gas token of Shibarium, BONE has also found a promising use case that serves as another possible fundamental behind its ongoing accumulation. With Shibarium recently hitting a milestone of 3,000,000 blocks, the subtle relevance of BONE is becoming pronounced across the board.
Brighter Days Ahead
While it remains uncertain whether BONE will keep up with this bullish resurgence for long, what many in the ecosystem are optimistic about is its potential in the long term amid growing embrace among top exchanges.
The token, as a part of the Shiba Inu ecosystem exhibits some forms of correlation with SHIB. As such, a potential growth in SHIB might translate to growth in BONE as well.
At the moment, there are a number of growth initiatives being piloted on the Shibarium network, including the potential SHIB burn portal, that might impact the price of the asset positively moving on.
