SHIB & BONE Prices Show Signs Of Recovery, Here’s Why

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Meme coins like Shiba Inu‘s SHIB and BONE (Shibaswap token) have regained attention in the crypto world on April 17 as many of these tokens displayed signs of a comeback. Shiba Inu, in particular, has sparked significant interest among investors globally, leading to impressive gains within the past day.

The crypto market saw intense activity as SHIB and BONE experienced significant price drops in recent days, reaching lows of $0.000019 and $0.51. However, by examining the tokens’ on-chain data and Shiba Inu’s historical cryptocurrency events, there are indications that both SHIB and BONE may be bouncing back. Let’s explore potential reasons for their potential recovery.

$BONE & $SHIB recovering
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) April 17, 2024

Meme Coins Mirror Broader Market Trend

Significantly, before Bitcoin‘s halving event approached, the larger crypto market underwent considerable price drops. These declines were mainly due to Bitcoin’s pre-halving fallback. After these setbacks, Bitcoin rebounded with a 1.89% increase in value over the past day, while most alternative cryptocurrencies experienced a similar uptick as well.

The meme coin market is showing signs of recovery, as seen in the price increases of coins like FLOKI, DOGE, MEW, and several others today. Additionally, SHIB and BONE have experienced a rise in price as well.

Derivatives Data Mirrors Price Movement

During this time, information from SHIB derivative markets showed a significant drop in SHIB liquidations today, suggesting less pressure to sell that supports the recent price increase of the meme coin. Open interest in the derivatives market rose by 4.25%, amounting to $53.64 million, implying fresh investment entering the market based on data from Coinglass. This trend reinforces Shiba Inu’s upward pricing movement.

SHIB & BONE Prices Show Signs Of Recovery, Here’s Why

The open interest for the BONE Shibaswap token grew by 6.15%, amounting to $292.95K, reflecting an upbeat outlook akin to SHIB. Additionally, significant reductions in BONE token liquidations occurred, aligning with Shiba Inu’s positive market trends.

SHIB & BONE Prices Show Signs Of Recovery, Here’s Why

Shiba Inu’s Burning Saga

An additional factor contributing to the increase in SHIB‘s price is the rise in its burn rate. According to Shibburn’s statistics, approximately 24.36 million tokens have been burned over the last 24 hours, leading to a surge of 25.92% in the burn rate. This trend further enhances the uptick for SHiba Inu. Moreover, there has been a massive weekly surge of 269.91% in the burn rate, amplifying bullish sentiments towards the token.

HOURLY SHIB UPDATE$SHIB Price: $0.00002257 (1hr -0.25% ▼ | 24hr 3.96% ▲ )Market Cap: $13,304,679,832 (3.61% ▲)Total Supply: 589,274,398,718,956
TOKENS BURNTPast 24Hrs: 24,360,186 (25.92% ▲)Past 7 Days: 798,314,370 (269.91% ▲)
— Shibburn (@shibburn) April 17, 2024

In a similar vein, Lucie’s recent statement highlighted the significance of BONE being torched through the DAMN mechanism. Previously reported by CoinGape Media, each transaction on the network triggers the DAMN mechanism to destroy BONE, Shiba Inu’s gas token. Consequently, both SHIB and BONE experience price surges due to their decreased circulating supplies caused by these extensive burns.

SHIB & BONE Prices Spring

At present, the Shiba Inu token has risen by 2.12% over the last 24 hours and is priced at $0.00002242. On the other hand, the BONE token from Shibaswap experienced a growth of 2.28% within the same timeframe and is now valued at $0.5991.

Significantly, the highest price of Shiba Inu in the last 24 hours was $0.00002296, while BONE reached a peak of $0.6048 during the same period. However, it’s important to keep in mind that the cryptocurrency market is expected to experience significant volatility due to the upcoming halving event. The current trends do not necessarily predict future outcomes.

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2024-04-17 11:16