Shiba Inu’s governance token, BONE Shibaswap, has increased in value by 10% over the past 24 hours, and is now trading at $0.80, up from its low of $0.70 on December 13. As of this writing, BONE had risen more than SHIB in the previous day’s trading, trading at $0.859 on the dollar.
The value of BONE in relation to Bitcoin and Ethereum is also rising, by 6.13% and 5.69%, respectively.
The Shiba Inu community’s high hopes for a major stock exchange listing for BONE may be behind the recent uptick.
In recent months, Bone Shibaswap has seen a rise in listings as it has become more appealing to both novice and seasoned investors.
Notably, as SHIB debuted on multiple platforms, those interested in the Shiba Inu ecosystem and its active community listed other tokens in the ecosystem, such as Bone Shibaswap (BONE) and Doge Killer (DOGK) (LEASH).
Zack Humphries, a major figure in the cryptocurrency industry, has speculated that SHIB is just getting started, and that its rising popularity will inevitably rub off on other tokens in the ecosystem, including BONE.
The increasing value that bone has in the Shiba Inu ecosystem is also attracting the attention of investors. BONE would be used as gas for the incoming Layer 2 shibarium, and it would also be used as a reward for validators, both of which are very near-term use cases. Price increases could also be the result of buyers stocking up in anticipation of BONE’s price action.
The price of BONE found buyers on December 13, when it reached support at $0.70. The result was a healthy increase in value.
Bone Shibaswap Analytics
The bulls used the base they built at this support to push the price of BONE higher on December 14. Now that the daily RSI is above 50, it seems likely that buyers will try to drive BONE prices up for the foreseeable future.
As with most crypto assets, the mood of the market could play a role here as well.
Source: U.today
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