Shiba Inu Ecosystem Blooms: BONE Jumps 44% With $3 Target In Sight

Christian Encila

1 year ago

3 mins read

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Bone ShibaSwap (BONE), a token within the Shiba Inu ecosystem, has showcased remarkable resilience amidst a predominantly bearish market. Despite the downward trend, BONE has emerged as a top performer, catching the attention of community analyst SHIB Knight, who predicts further gains and a potential price target of $3.

SHIB Knight, a respected analyst within the Shiba Inu community, has been closely monitoring BONE’s performance and recently shared an update on the token’s outlook. Despite a previous failed breakout attempt, SHIB Knight remains optimistic, highlighting a chart that suggests BONE is now better positioned for an anticipated bullish breakout.

$BONE is having a nice pump rn. It will pump more! 🔥🚀 https://t.co/ao3YvsrJzS pic.twitter.com/P7HbIDVkmk

— $SHIB KNIGHT (@army_shiba) March 18, 2024

At the time of writing, BONE has experienced an impressive surge, with its price skyrocketing from a low of $0.87 to a high of $1.09. This surge represents a significant 44% gain in the monthly timeframe, accompanied by a substantial 60% increase in trading volume compared to the previous day.

BONE rallies in the monthly timeframe. Source: Coingecko.

A Relative Strength Index (RSI) of 65 indicates that the Shiba Inu BONE Token is in a bullish trend and is seeing increased trading volumes after a spectacular 30-day rally. BONE is currently trading at $0.84.

While BONE’s current price hovers around $1.09, SHIB Knight has set a target price of $3, anticipating a potential 150% rally for the token. It is worth noting that the memecoin is currently down almost 98% from its all-time high in 2021, which implies ample room for growth.

SHIB market cap currently at $14 billion. Chart: TradingView.com

The limited exposure of BONE among major centralized crypto trading platforms may have contributed to its slower price gains compared to the ecosystem’s leading token, SHIB. Currently, BONE is listed on platforms such as OKX and Gate.io, while notable exchanges like Binance, Coinbase, KuCoin, and Bybit have yet to support its trading.

I expected $BONE to breakout of the channel, but it failed last time.

Breakout will happen sooner or later. Target is around $3 pic.twitter.com/YJRRyST8kE

— $SHIB KNIGHT (@army_shiba) March 17, 2024

To address this limitation, leaders of the Shiba Inu community have rallied their members to campaign for BONE’s listing on Binance, one of the largest crypto exchanges. They firmly believe that inclusion on such a prominent platform would provide the necessary catalyst for explosive price rallies, potentially propelling BONE to unprecedented levels.

As demand for the Shiba Inu BONE Token rises and community members work strategically to achieve its listing and increase its market visibility, this positive momentum has raised investor intrigue about the token’s ability to cross the $3 threshold before the end of March.

Despite the inherent risks, the recent price surge of BONE and the optimistic outlook from SHIB Knight have generated excitement within the Shiba Inu community. Traders and enthusiasts will be closely monitoring BONE’s performance in the coming days, eagerly awaiting signs of a breakout and the potential for significant gains.

Featured image from Tara Winstead/Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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