- Shiba Inu price as well as Bone ShibaSwap price shot up by 5% and 8%, respectively, in the last 24 hours.
- The Testnet bridge will allow the transfer of tokens between Ethereum and SHIB-based layer-2 chain Shibarium.
- This bullish move may revive the receding interest from new investors, which has resulted in the network growth declining by 44%.
Shiba Inu price made some gains as the week came to an end on the back of its ecosystem development. The SHIB world seems to be changing become more serious with the development of Shibarium, an Ethereum based layer-2 solution. This brought gains to key tokens associated with the project, including BONE.
Shiba Inu price rise could attract investors again
Shiba Inu price noted a 4.7% increase over the past day but more than the meme coin rose another cryptocurrency within its ecosystem. Bone ShibaSwap, which is more famously known by its ticker BONE, shot up by more than 8% to trade at $1.42.
BONE/USDT 1-day chart
The rally, interestingly, was limited only to these two cryptocurrencies and was not reflected in the rest of the meme coins. The reason behind this was the recent launch of the Shibarium-Ethereum bridge testnet, which led to a surge in the use of SHIB and BONE. Since the bridge is still in the testnet phase, no significant implications on price were observed.
However, the investors’ bullishness was enough to still trigger a rise in the cryptocurrencies despite the transactions being conducted on the bridge holding no real-world value. It does suggest a potential increase in the use case of BONE and SHIB going forward when the bridge mainnet launches. The transfer of assets would consequently boost the Shiba Inu price as well.
But more than the price, the network needs a recovery of investors, which have been disappearing after the disappointing run of Shiba Inu price posted these last couple of weeks. While the Relative Strength Index (RSI) on BONE suggests that the coin is on the verge of being overbought, SHIB barely managed to close above the December 2022 lows of $0.00000791, trading at $0.00000826.
SHIB/USD 1-day chart
A quicker recovery is necessary to revive the arrival of new users, which has been declining rapidly this past week. The network strength, which measures the rate at which new addresses are formed, dipped by more than 44% in just five days, suggesting investors are pulling back.
Shiba Inu network strength
Thus their return would help not only boost the uptrend in Shiba Inu price but also prevent any significant drawdown.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Cardano, XLM, FLOKI lead $3.1 trillion rally, Russia bans crypto mining, Bitcoin eyes $95K
Cardano (ADA) price action ADA’s ongoing rally has been attributed to rumors that the Trump administration could collaborate with the Cardano network to build a blockchain voting system.
Trump administration allegedly seeks to create new crypto position in White House
President-elect Donald Trump and his team are reportedly seeking to introduce a new White House position for crypto policy, Bloomberg reported on Wednesday.
Solana Price Forecast: Traders move 6.7B SOL as bulls target all-time highs
Solana price has succumbed to a 7% dip after rejecting the $250 resistance on Monday. Negative shifts in vital trading indicators suggest bears could delay the all-time high breakout target.
FLOKI to go live on Coinbase few days after the exchange listed PEPE and WIF
Floki Inu (FLOKI) is down 5% on Wednesday following crypto exchange Coinbase's announcement that the token will begin trading on its platform over the next 24 hours.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.