The Shiba Inu community was taken aback today as the price of BONE, a token within the ecosystem, experienced an unexpected surge. Despite a general downturn in the cryptocurrency market, BONE defied the odds, witnessing a rapid 8% increase in value over the past 12 hours. As a result, its price soared to $0.617 per token.
This is not the first time such an event has unfolded; just a few days ago on Feb. 1, BONE saw a staggering 13% surge in a mere two hours. However, that rally was short-lived, leading to a subsequent dip in price over the following 24 hours.
Speculation abounds as to the cause behind this sudden uptick. Some analysts suggest that the recent surge could be linked to BONE’s price reaching a significant support level, hovering around $0.53 per token.
This level, established at the end of January, has served as a crucial barrier against further decline, marking the lowest point for BONE since July 2022. It is posited that large buyers or investor groups may have been strategically waiting for this opportune moment to begin accumulating BONE, thereby initiating the recent pump.
Moreover, the inherent low liquidity within the markets may have amplified the impact of this influx of capital. With fewer tokens available for trading, the sudden injection of substantial funds could easily send prices soaring, creating a spike in the price chart.
As the SHIB community continues to dissect the implications of this rally, attention turns to whether this surge will be sustained or if history will repeat itself with a subsequent correction.
Read the full article here