The price of Bone as well as Leash have been heavily influenced by Shibarium-related announcements. Bone, in particular, has time and again displayed a prominent rise when the SHIB network rolls out an update about the layer-2 development.
Over the last 24 hours, Bone witnessed a steady growth of 13.81%, and its price shot up to a high of $1.91. This sudden rise was attributed to Shytoshi Kusama’s latest blog post which carried information about Shibarium.
As seen in the above chart, buyers entered the Bone market extensively. The Relative Strength Index [RSI] indicator indicated that the altcoin was currently overbought.
It should be noted that Bone doubled in price back in 2022. The asset went from $0.50 to $1 in a span of 30 days. While the token is already inching closer to $2, the community believes that Bone could reach $3 even before the launch of Shibarium. Therefore, the chances of the asset hitting $3 are relatively high.
Why is Bone surging but not Shiba Inu?
As Bone was basking in its double-digit gains, Shiba Inu was trading for $0.00001354 with a 0.42% daily price rise. The launch of Shibarium is pertinent to the entire Shiba Inu ecosystem; however, Bone is the only asset pocketing profit. This is because Bone will be employed as the official token of Shibarium. The latest price rise could have also been influenced by a recent tweet by Bone’s official Twitter account.
The most #important topics for everyone!— BoneShibaSwap (@BoneShiba) February 21, 2023
1. It has been confirmed that #Shibarium Beta will be released next week
2. Over a million #Shiba holders will buy $bone for very low fees and burn $Shib with every transaction.
3. You will need #bone for everything in the #shib ecosystem
Additionally, the launch date of Shibarium is still uncertain. While several have been hoping to see the beta roll out next week, Shytoshi left the community with a “soon frens” in his blog post. Nevertheless, Bone seems to be making the most of the Shibarium hype.
Credit : LINK