BONE gaining ground against Bitcoin and Ethereum
BON, the Shiba Inu’s governance token, is up 10% over the past 24 hours as its price continues to rise from the December 13 low of $0.70. At the time of publication, BONE was changing hands at $0.859, outperforming SHIB in 24-hour gains.
BONE is also gaining ground against Bitcoin and Ethereum, up 6.13% and 5.69% in its BTC and ETH pairings, respectively.
may be due to the recent increase Shiba Inu Community Eager anticipation of a major exchange listing for BON.
Bone Shibaswap has seen a surge in listings in recent months as it has gained popularity among both small and major investors.
In particular, as SHIB made its debut on multiple platforms, people interested in the Shiba Inu ecosystem and its vibrant community began to stake other tokens in the Shiba Inu ecosystem, such as BON Shibaswap (BON) and Doge Killer (LEASH). ) listed.
According to crypto influencer Zack Humphries, SHIB might just be beginning; therefore, SHIB’s popularity would inevitably extend to other tokens in the ecosystem, including BONE.
Bone It is also gaining traction as investors consider its growing utility in the Shiba Inu ecosystem. Among several imminent use cases, BONE will also be used as gas for the upcoming Layer 2 Shiberium and as a reward for validators. Intensification of buyers for BON’s price action could be another reason for the price rise.
On Dec. 13, BONE hit support at $0.70, where buyers emerged. As a result, its price recovered nicely.
On December 14, the bulls used the foundation formed at this support to propel the BON price higher. The daily RSI has moved above the neutral 50 level to indicate that buyers are likely to continue their efforts to propel BON price higher in the near term.
In this scenario, the general market trend may come into play — just like most crypto assets.
