- The price of BONE surged after it was announced that Shibarium will go live in August of this year.
- At press time, the meme coin was worth about $1.35 after its price rose by more than 22% over the past 24 hours alone.
- BONE’s price may look to flip the resistance level at $1.4302 into support in the next 24 hours.
In one of his latest tweets, developer Shytoshi Kusama revealed that the highly anticipated layer-2 blockchain Shibarium is expected to go live after a Toronto conference in August of this year. Following this announcement, the price of Bone ShibaSwap (BONE) surged by more than 22% in just 24 hours of trading according to CoinMarketCap.
拝啓初蝉の候 シバアーミーにおかれましては益々のご健勝のこと心よりお慶び申し上げます。さて･･････https://t.co/L3l7SPLXK9略儀ながらブログにてお知らせいたします。酷暑が続きますが、くれぐれも体調を崩されませぬよう、ご自愛ください。— Shytoshi Kusama (@ShytoshiKusama) July 6, 2023
At press time BONE was worth about $1.35 following its very successful trading session. Furthermore, the crypto was up by more than 40% over the past seven days. The meme coin also boasted a positive monthly performance of more than 71%.
Meanwhile, BONE’s 24-hour trading volume increased by 50% throughout the past day, which left it standing at around $17,818,519. Since reaching its all-time high of $41.67 in September of 2021, the price of BONE has dropped by more than 96% to trade at its current price.
The Shibarium blockchain will not only utilize tokens like BONE, but also Shiba Inu (SHIB) and Doge Killer (LEASH). It is only logical to assume that the recent announcement could have a similar impact on the other meme coins in the coming week. At press time, SHIB was also trading in the green. The crypto’s price stood at $0.000007347 following a 1.41% gain.
Meanwhile, LEASH was trading at $345.40 after it gained more than 13% over the past 24 hours. In addition to strengthening against the Dollar, LEASH also outperformed Bitcoin (BTC) and Ethereum (ETH) by 13.08% and 13.34% respectively.
Daily chart for BONE/USDT (Source: TradingView)
BONE was able to overcome the resistance level at $1.1632 yesterday and ultimately flipped it into support. Over the past 24 hours, BONE attempted to break above the next major barrier at $1.4302 and was able to overcome the key price point to reach a high of $1.4800. It has since retraced slightly but continued to trade above the resistance at press time.
If BONE can close today’s daily candle above $1.4302, then it may look to test $1.6008 in the coming few days. On the other hand, a daily close today below this price point may result in BONE correcting all the way down to the aforementioned $1.1632 mark.
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