Shiba BONE Gains 53.8% Since Last Month
• Shiba Inu’s alternative token, Bone ShibaSwap (BONE), gained 53.8% since last month as the hype continues to grow surrounding the Shibarium L2 mainnet launch set for next month.
• BONE briefly made it back to the TOP 100 by global cryptocurrency market capitalization on Sunday and produced a rare instance of four in a row bullish on-chain signals.
• Despite its 117.5% yearly gains, $BONE is still 90.66% down from its all-time high price hit in March 2021.
Key On-Chain Metrics Paint Bright Picture for $BONE
On the technical side, blockchain data provided by analytics firm IntoTheBlock indicates a steady network growth and a 2.07% hike in ‘In The Money’ – meaning 79% of BONE holders profit from this price. This favorable bullish setup is complemented by a drop in large transactions and concentration, indicating that Ethereum whales are not selling off their $BONE assets even in the price consolidation phase.
$BONE Fails to Pass Key Test at $1.50 Level
After quickly reclaiming a spot inside the TOP 100, BONE faced strong resistance at $1.50, which has been the third time this month for $BONE to get rejected at this key resistance level despite resulting in 53.8% gains over the past month and 10.2% value increase over the last seven days according to CoinGecko . The last time Shiba Inu’s alternative token broke through this barrier was back in March but could not hold it for more than a week afterwards..
Factors That Could Impact Price Movement of BONE
The success or failure of $BONE will depend on several factors such as investor sentiment towards cryptos in general, Shibarium’s progress leading up to its L2 mainnet launch and any potential announcements related to partnerships or integrations with other projects or services that can help drive demand for its gas fee token..
Conclusion
Overall, despite some occasional rejections at key levels, Bone ShibaSwap looks well positioned for further gains given all positive indicators pointed out above and an upcoming ETHToronto conference followed by L2 launch next month that could provide additional tailwinds into its price movement going forward..