BONE, the second-biggest token in the Shiba Inu ecosystem, has had a mixed price movement in the past few days. This up-and-down movement has been accompanied by a surge in trading volume. Crypto analyst SHIB Knight is calling for an explosive rally soon that could send BONE skyrocketing. Notably, the analyst is predicting a surge to $3.
BONE recently went on a 32% surge from $0.8191 to $1.0808 to outperform the larger crypto market as most cryptocurrencies witnessed a decline in prices. Interestingly, this surge was accompanied by a 60% increase in trading volume.
This surge in activity prompted a social media post from SHIB Knight. While acknowledging the rally, the analyst noted that the crypto is expected to “pump more.” The recent post came as an update to a former prediction over the weekend.
$BONE is having a nice pump rn. It will pump more! 🔥🚀 https://t.co/ao3YvsrJzS pic.twitter.com/P7HbIDVkmk
— $SHIB KNIGHT (@army_shiba) March 18, 2024
In the chart shared by the analyst, he noted how BONE has been trading in a channel with the formation of lower highs. He also pointed out how BONE had tried to break out of the upper trendline of this channel earlier but failed to do so. However, he remains unfazed and believes a breakout to $3 will happen sooner or later, though he doesn’t say when.
What’s Next For BONE? Recent price action indicates that BONE has once again failed to break out of this upper trendline, as it has gone in the direction of the wider bearish trend of most cryptocurrencies. BONE has reversed most of its recent gains and has fallen by 20% in the past 24 hours and 22.3% in the past seven days.
At the time of writing, BONE is trading at $0.8638, and a surge to $3 would mean a 245% increase from the current price level. While this seems like a very bullish price point, the $3 price isn’t new territory for BONE, as it has a current all-time high of $15.50.
BONE acts as the governance token within the ShibaSwap decentralized ecosystem and as gas fees for Shibarium, Shiba Inu’s layer-2 scaling solution. Team members have proposed several developments on the horizon that could significantly boost BONE’s price. Overall, BONE appears well-positioned to gain value as long as Shiba Inu’s ecosystem expands.
Despite its popularity, BONE is yet to be listed on popular exchanges like Robinhood and Binance, and members of the “Shiba Army” have now taken it upon themselves to campaign for a listing on Binance. If successfully listed, the increased accessibility and visibility would likely lead to a price surge for BONE. Perhaps we could see increased BONE accumulation from traders in the days leading up to the listing.
BONE price at $0.8 | Source: BONEUSDT on Tradingview.com Featured image from Medium, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.