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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Shiba Inu Ecosystem Token BONE Surges 88%, Too Late To Buy?

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Shiba Inu BONE

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The Shiba Inu ecosystem token Bone ShibaSwap (BONE) has seen a staggering 88% price increase within the last 28 days, since Jun 15. Last Saturday, the price rally stopped for the time being at just under $1.50, which means that the Shiba Inu-based token has already experienced an interim price increase of over 120%.

Since then, the BONE price has been in a consolidation. A look at the 1-day chart of BONE shows that the price initially shot above the 50% Fibonacci retracement level, but failed to defend the gains on a daily basis and eventually fell below the resistance. Thus, the $1.38 level is the key resistance.

The current correction has caused the overheated daily RSI to reset from 81 to 61. Still, further consolidation might be needed to ignite further upside potential. A target for bears could be the 100-day exponential moving average (EMA)and the 38.2% Fibonacci level in the $1.00 to $1.01 range.

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Shiba Inu (SHIB) Breakout Alert: Potential 30% Rally Looming

1 year ago

After a potentially necessary reset of technical indicators and another breakout above $1.38, the 61.8% Fibonacci retracement level at $1.50 and the 78.6% Fibonacci retracement level at $1.80 would then be the next targets before the all-time high of late February 2023 at $2.10 would be within reach.

Shiba Inu BONE price
BONE price, 1-day chart | Source: BONEUSD on TradingView.com

Shiba Inu: Reasons For The BONE Price Rally

The main reason for the current rally in the price of Shibaswap Bone (BONE) can be seen in the announcement by Shiba Inu chief developer Shytoshi Kusama about the launch of Shibarium next month. BONE will be the governance token of the upcoming highly anticipated layer 2 network and will also serve as a gas token.

As NewsBTC reported, Kusama published a new blog post last week stating that Shibarium will “likely” be unveiled at the Blockchain Futurist Conference. The conference will be held on August 15 and 16 in Toronto, Canada.

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Breaking: Shiba Inu Lead Dev Reveals Shibarium Release Date, SHIB Up 3%

1 year ago

BONE will then not only be the official governance token for Shibarium, but will also be used for any payment of transaction fees (gas fees) on Shibarium. Thus, BONE will get a great utility that did not exist before. Undoubtedly, this will increase the demand for BONE.

Traders might currently try to front-run the news. In classic crypto fashion, the event could become a “buy the rumor, sell the news” event. Investors should therefore be cautious.

Worth noting: While BONE is rallying strongly, Shiba Inu has fallen -1.5% in the last seven days. The popular dog-themed cryptocurrency managed to break out of a multi-month downtrend channel, but currently lacks momentum to confirm the breakout. While BONE is benefiting from the Shibarium news, SHIB investors seem to remain skeptical and suffer from the launch delays. The network was originally scheduled for a 2022 release.

Featured image from MEXC Blog, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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