In a surprising turn of events, the Shiba Inu community has taken notice of a sharp spike in the price of its ecosystem’s BONE token. Defying a broader market trend of decline, BONE’s value shot up by 8% in just half a day, pushing its price up to $0.617. This isn’t the first instance of such a price leap.
Notable Surge in BONE’s Market Price
Previously, on the onset of February, BONE had enjoyed an abrupt 13% increase in value within a brief two-hour span. This hike was, however, short-lived as the price dipped in the subsequent day. The exact driving factor behind the latest surge is subject to speculation. Some market experts connect the climb to BONE’s approach to a critical support point around the $0.53 mark.
This support level, established in late January, signifies the lowest value for BONE since mid-2022 and acts as a substantial resistance to further price depreciation. The possibility of large-scale buyers or investment collectives capitalizing on this key moment, coupled with the market’s thin liquidity, possibly intensified the surge’s magnitude.
Uncertain Future for BONE’s Market Trajectory
The scarcity of tokens for trade can result in dramatic price increases when considerable investment enters the market. As the SHIB community evaluates the potential longevity of this uptrend, the question remains whether BONE will sustain its newfound price level or succumb to a price correction akin to past patterns. In summary, the SHIB community’s focus is on the BONE token’s recent price rally. Despite an overall slump in the crypto market, BONE has achieved an 8% rise within the last 12 hours, with its price touching $0.617. The climb is attributed to reaching crucial support levels, market illiquidity, and potential strategic buying from large investors.