SHIB Ecosystem Token BONE Surges 82% In a Month; Is $2 Possible as Shibarium Launch Draws Near?
The Shiba Inu ecosystem's governance token, Bone, has been making bullish moves amid Shibarium mainnet launch preparations. Over the past 30 days, the token's price has increased by nearly 87% and could be gearing up for more rallies in the coming days.
According to pseudonymous Shiba Inu developer Shytoshi Kusama's July 11 blog post, the Shibarium mainnet launch is imminent.
The developer said there would be a multi-month hackathon and a keynote to showcase Shibarium and other Shib-themed products as part of the Blockchain Futurist Conference held in Toronto in August 2023.
Bone Shibswap (BONE) Price Movements in the Last WeekBone Shibswap (BONE)'s price movement over the past seven days suggests a $2 price hit might be imminent. It has continued its bullish moves even as most cryptocurrency prices pull back amid increased market volatility.
BONE started the year on a good note. However, like other cryptocurrencies, the asset saw its fair share of market volatility.
Its bullish sentiment waned following the US SEC's lawsuit against Coinbase and Binance in early June. Bone went into a downtrend, shedding its valuation to a year-low of $0.6650 on June 10.
The Shiba Inu ecosystem gas token later rebounded to $1 in July. The rally persisted, leading BONE to regain most of its lost past values to register an 81.64% 30-day price gain.
The token has registered an over 22% gain in the last seven days, bullishly rising above $1.3 before meeting a slight pullback. Among the most noticeable rallies was the July 7 uptick, which had BONE soaring with an 18% gain on the day.
As of the time of writing, BONE's price changes hands at $1.29, with a 1.44% 24-hour price increase.
Possible Factors Behind Bone's Price RallyThe most plausible reason for BONE's price surge is the news of the upcoming Shibarium mainnet launch. According to the developers, Shibarium will go live during the August Blockchain Futurist Conference in Toronto.
As Shibarium's gas and governance token, the heightened anticipation for the layer-2 scaling network must have increased investor sentiment on the token.
Bone Shibswap (BONE) Price Outlook
Source: Tradingview.comBONE is in the green zone today, trading above its 50-day and 200-day Simple Moving Averages (SMA), a bullish signal in the short-term and long-term.
Also, its Relative Strength Index (RSI) value is 69.48, close to the overbought region at 70. The RSI is moving sideways, indicating a drop in the trading volume. It is a neutral signal depicting reduced trading activity for the token today. The Moving Average Convergence/Divergence (MACD) is above its signal line, expressing a bullish sentiment.
However, the MACD's Histogram bars are fading, suggesting a bearish reversal ahead. BONE will likely continue its rally in the short term, spiking above the $1.5 resistance point before a period of consolidation.
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