Shiba Inu’s offspring token, ShibaSwap Bone (BONE), has been out of the limelight for a while. However, the Shibarium gas token has turned heads by rallying double digits in 24 hours. BONE is up by 11.4% in the daily charts, over 16% in the weekly charts, and 13.8% in the last 14 days. However, BONE is up by only 1% over the previous month and is down by over 65% since January 2023.
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BONE’s latest rally has taken the crypto community by surprise. While other significant projects opened in the green, BONE outperformed the top 20 crypto projects by a large margin. Bitcoin (BTC) is up almost 4% in the daily charts, compared to BONE’s 11% growth in the same timeframe.
Why is Shiba Inu’s BONE token rallying?
BTC recently reclaimed the $44k level, rallying 6% in the weekly charts. BTC’s rally may have triggered other cryptocurrencies to follow suit. BONE’s impressive 11% rally in 24 hours may be a reaction to BTC’s gains.
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Another factor that may have aided BONE’s recent rally is increased activity on the Shibarium network. The network recently hit a milestone of 3,000,000 blocks. Since BONE is the gas token on Shibarium, high network activity could lead to the token’s price surging.
Although the rally is welcome, it is unclear if the bullish outlook will continue. Shiba Inu’s BONE token is a volatile currency with frequent ups and downs. According to CoinCodex, BONE’s price could rally over the next week but may face a correction towards the end of February. The platform predicts BONE’s price to drop to $0.54 on Feb. 20, 2024, a fall of over 14% from current levels.