In a surprising turn of events, the Shiba Inu-based BONE token has emerged as one of the top-performing assets in today\u2019s crypto market. Despite the broader market\u2019s subdued performance, the Bone Shibaswap (BONE) token has registered an 11% surge in the past 24 hours.<\/p>\n
The primary catalyst behind BONE\u2019s commendable price action is a series of positive developments within the Shiba Inu ecosystem. A significant boost came from the recent overhaul of the Shibarium testnet explorer, Puppyscan. Furthermore, the ongoing process of releasing previously stuck BONE tokens to users has also played a pivotal role.<\/p>\n
As NewsBTC reported<\/a>, the Shibarium layer-2 network faced a significant technical glitch with its bridge contract, resulting in roughly $1.7 million worth of Ethereum getting trapped between Ethereum and the layer-2 solution post the Shibarium launch on August 16.<\/p>\n Lucie, a renowned Shiba Inu influencer, recently updated<\/a> the community about the BONE status on Shibarium. She confirmed that many users have now received their previously stuck BONE tokens, a claim that has been corroborated by several other users.<\/p>\n Another driving factor behind BONE\u2019s rising popularity is the ongoing enhancement and optimization of the Shibarium mainnet in anticipation of its public relaunch. Shytoshi Kusama, on Wednesday, unveiled<\/a> a slew of new features designed to elevate the user experience on the layer-2 scaling solution. Remarkably, Shibarium is still in private mode and not relaunched for the public yet.<\/p>\n Since it was announced that the Bone ShibaSwap (BONE) token would become the gas token of the long-awaited scaling solution for Shiba Inu, Shibarium, the price has been in a strong uptrend. This was only dampened by the failed launch of Shibarium. However, yesterday\u2019s news has given new momentum to the BONE token.<\/p>\n BONE has thus completed its retracement to the 61.8% Fibonacci retracement level at $1.10. In the past two days, BONE managed to rise above the 200-day EMA (blue line). Yesterday, both the 50% and 38.2% Fibonacci retracement levels were broken. Especially the latter at $1.3792 is of utmost importance for the further price development.<\/p>\n From February to mid-March this year, the price level served as the most valuable support. Currently, a retest of the 38.2% Fibonacci retracement level at $1.3792. Should the BONE bulls manage to defend this level, the conditions would be in place for another push higher.<\/p>\n Next target would be the 23.6% Fibonacci retracement level at $1.4052 before BONE could complete its correction and target the early August high at $1.8155. To that level would be another 29% upside. A move above the August high would be seen as opening the door for an attack on the all-time high at $2.10, representing a whopping 48% price increase.<\/p>\n After that, BONE would enter the price discovery phase. A target could be the 1,618 Fibonacci extension at $2.25.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n In a surprising turn of events, the Shiba Inu-based BONE token has emerged as one of the top-performing assets in today\u2019s crypto market. Despite the broader market\u2019s subdued performance, the Bone Shibaswap (BONE) token has registered an 11% surge in the past 24 hours.<\/p>\n The primary catalyst behind BONE\u2019s commendable price action is a series of positive developments within the Shiba Inu ecosystem. A significant boost came from the recent overhaul of the Shibarium testnet explorer, Puppyscan. Furthermore, the ongoing process of releasing previously stuck BONE tokens to users has also played a pivotal role.<\/p>\n As NewsBTC reported<\/a>, the Shibarium layer-2 network faced a significant technical glitch with its bridge contract, resulting in roughly $1.7 million worth of Ethereum getting trapped between Ethereum and the layer-2 solution post the Shibarium launch on August 16.<\/p>\n Lucie, a renowned Shiba Inu influencer, recently updated<\/a> the community about the BONE status on Shibarium. She confirmed that many users have now received their previously stuck BONE tokens, a claim that has been corroborated by several other users.<\/p>\nBONE Price Analysis<\/h2>\n
Why Is The Shiba Inu-Based BONE Up?<\/h2>\n