The price of BONE, a token in the ecosystem, unexpectedly surged today, shocking the Shiba Inu community. In the last twelve hours, BONE’s value has increased by eight percent, defying the odds despite a widespread decline in the cryptocurrency market. Its price shot up to $0.617 per token as a result.
This is not the first time that something similar has happened; on February 1, a few days ago, BONE experienced an incredible 13% increase in only two hours. The price fell throughout the next day as a result of the rally’s brief duration.
There is much conjecture on the reason for this unexpected increase. According to several observers, BONE’s price has reached a critical support level, circling at $0.53 per token, which may be the cause of the current spike.
This level, which was reached at the end of January, is the lowest position for BONE since July 2022 and has proven to be an important stopgap against more deterioration. The theory suggests that big investors or purchasers may have been waiting for this perfect time to start building up BONE in order to start the latest boom.
Furthermore, it’s possible that the markets’ natural low liquidity increased the effect of this capital inflow. The unexpected infusion of significant capital could easily send prices skyrocketing, resulting in a spike in the price chart, as there would be fewer tokens available for trade.
The focus of discussion among members of the SHIB community is on whether this rally’s ramifications will be maintained or if history will repeat itself with a correction.
