Shiba Inu’s (SHIB) offspring token, Bone ShibaSwap (BONE), has been rallying in the green over the past week. The currency is up 3.1% in the last 24 hours and 17.4% on the weekly charts. BONE’s latest rally follows the publication of another Shibarium-focused blog by SHIB developer Shytoshi Kusama. However, to the community’s disappointment, Kusama did not mention a release date.
Shiba Inu’s BONE is currently testing the $1.96 price level, a resistance previously tested on Aug. 30th, 2022. BONE must close its candle above $1.99 or $2 to continue its current rally. Furthermore, BONE’s RSI is around 53.5, indicating a higher buy pressure. Hence, the token looks bullish on the daily chart. BONE has the potential to break through its current resistance and rise above $2.
However, there is also the possibility that BONE falls down to its current support level of $1.44, leading to new support at $0.75. Investors are keeping their eyes open for Shibarium updates, which seem to be the only thing pushing Shiba Inu’s BONE token.
Shiba Inu’s Bone slips out of the top 100 list
BONE passed a significant milestone yesterday by entering the top 100 cryptocurrency list by market cap. However, the feat did not last as the SHIB offspring token has slipped out of the top 100, currently sitting at number 119, according to CoinGecko.
Nonetheless, the token continues to grow in terms of holders. As per Etherscan.io data, BONE has reached 75k holders, a new record for the currency.
BONE will be used as the gas token for Shibarium, Shiba Inu’s layer-2 network. Shibarium is one of the most anticipated releases in the cryptocurrency sector. Although Shibarium was supposed to go live in Q3 2022, the launch date has been pushed back multiple times due to technical issues.
At press time, BONE was trading at $1.74, up 1.5% in the last hour. However, BONE’s price has fallen 88.37% from its all-time high of $15.50. On the other hand, SHIB was trading at $0.00001281, down 5.3% on the daily charts.