- BONE and SHIB rose 15% and 1.7% respectively last week.
- The metrics and market indicators of both tokens remained largely bullish.
One of the most popular tokens of the Shiba Inu [SHIB] ecosystem Bone ShibaSwap [BONE], registered a double-digit rally last week. Not only BONE, but also the map of the network’s flagship SHIB remained green.
A possible reason behind this upward trend could be found in Shibarium’s performance.
The Shiba Inu ecosystem is turning bullish
CoinMarketCaps facts revealed that BONE is up more than 15% in the past seven days. At the time of writing, it was trading at $0.7092 with a market cap of over $163 million.
As the price of BONE rose, the price of SHIB also gained upward momentum. At the time of printing, SHIB rose 1.7% in the last 24 hours and traded at $0.000008533 with a market cap of over $5 billion.
AMBCrypto looked at Santiment’s data and found that BONE’s popularity in the crypto market has increased over the past week, as evidenced by its consistently high social volume.
The same cannot be said for Shiba Inu, however, as after peaking on November 29, social volume was declining at the time of writing.
Source: Santiment
A possible reason behind the price increases of both tokens can be attributed to Shibarium’s latest performance.
LUCIE, an official X account (formerly known as Twitter) of Shiba Inu, recently revealed that Shibarium’s daily transactions hit a new high of 5.1 million.
#Shibarium transactions reach new highs at 5.1 million DT🚀
More traffic, rising petrol prices and more fuel consumption – the momentum is coming slowly but surely 🔥 $ BONE X $SHIB pic.twitter.com/dNjc9ObO1j
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) December 2, 2023
Business continued to improve as at the time of writing, Shibarium’s daily transactions stood at 7.4 million. According to Shibariumsacn.io, the L2 has processed a total of more than 19 million transactions and 1.9 million blocks.
The total number of wallet addresses also reached 1.27 million.
Source: Shibariumscan.io
Will the upward trend continue?
AMBCrypto checked Shiba Inu’s stats to see if it could continue its rally. According to CryptoQuant’s factsSHIB’s foreign exchange reserves fell, indicating that purchasing pressure was high.
The token’s funding rate rose along with its price. This meant that derivatives investors bought SHIB at a higher price. Moreover, Open Interest has also increased Mint glass — yet another optimistic benchmark.
Source: Coinglass
Read Shiba Inus [SHIB] Price prediction 2023-24
As for BONE, the MACD showed a clear bullish advantage in the market. The token’s Money Flow Index (MFI) also rested well above the neutral line, showing increased chances of a continued uptrend.
However, nothing can be said with certainty BONE‘s price reached the upper limit of the Bollinger Bands. This could increase selling pressure and in turn put an end to BONE’s bull rally.
Source: TradingView