SHIB, BONE rallies like never before -What’s driving the surge?

• BONE’s market indicators were bullish, suggesting a further uptrend.
• SHIB’s price also went up and metrics were positive.

Bone ShibaSwap [BONE] was trending on Twitter, and a major reason behind this could be Shibarium. Not only was it trending, but the latest data revealed that there were high chances of the token gaining bullish momentum in the coming days. Amidst this, a Shiba Inu [SHIB] official made an announcement that caught the eyes of many as it hinted at the much-awaited Shibarium launch. While BONE’s price went up, SHIB also somewhat benefited from the situation.

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BONE is on fire!

LunarCrush’s data revealed a major bullish signal for Bone. As per the data, BONE topped the list of cryptos in terms of Altrank, suggesting a price hike in the coming days.

$BONE 👀 pic.twitter.com/gmuS0pLDiQ

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 8, 2023

In fact, the rank already translated into reality as BONE’s price went up by more than 6% in the last 24 hours. A factor that played a major role in this surge was Shytoshi Kusama’s latest blog. In the blog, he hinted that Shibarium’s launch might happen in August after the Blockchain Futurist Conference. 

Not only did the memecoin’s price go up, but its trading volume also increased by over 20% in the last 24 hours, which was bullish. As per CoinMarketCap, at the time of writing, BONE was trading at $1.43 with a market capitalization of over $328 million, making it the 96th largest crypto. The memecoin’s MVRV ratio was also high, increasing the chances of a continued uptrend. However, it was interesting to note that despite the price, BONE’s supply on exchanges increased while its supply outside of exchanges declined. 

Source: Santiment

This can be expected from BONE

The Exponential Moving Average (EMA) Ribbon revealed that the bulls were well ahead of the bears as the 20-day EMA was above the 55-day EMA. The MACD remained in the bulls’ favor. Nonetheless, the Relative Strength Index (RSI) was in the overbought zone, which could cause trouble in the coming days. 

Source: TradingView

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

While BONE enjoyed the gains, SHIB also did not miss the party as its price increased by 4% in the last 24 hours. At press time, it was trading at $0.000007616 with a market cap of over $4.4 billion. A look at its on-chain metrics suggested that the uptrend might continue.

For instance, as per Coinglass data, SHIB’s open interest was increasing. An uptick in the metric means that the current price trend can continue. Additionally, CryptoQuant’s data revealed that SHIB’s exchange reserve was decreasing, indicating increased buying pressure, which can support the memecoin’s uptrend in the coming days. 

Source: Coinglass