The Shiba Inu community was surprised today when the price of BONE, a token within the ecosystem, saw an unexpected surge. Despite a general slowdown in the cryptocurrency market, BONE defied the odds and witnessed a rapid 8% rise in value in the last 12 hours. As a result, its price skyrocketed to $0.617 per token.
The Shiba Inu community was surprised today when the price of BONE, a token within the ecosystem, saw an unexpected surge. Despite a general slowdown in the cryptocurrency market, BONE defied the odds and witnessed a rapid 8% rise in value in the last 12 hours. As a result, its price skyrocketed to $0.617 per token.
This is not the first time such an event has occurred; Just a few days ago, on February 1, BONE saw a staggering 13% surge in just two hours. However, that rally was short-lived and caused a subsequent drop in price over the next 24 hours.
Speculation abounds about the cause of this sudden spike. Some analysts suggest that the recent surge could be related to BONE price reaching a significant support level, hovering around $0.53 per token.
This level, established in late January, has served as a crucial barrier against further decline, marking the lowest point for BONE since July 2022. It is postulated that large buyers or groups of investors may have been strategically waiting for this to begin. opportune moment. accumulating BONE, thus initiating the recent pumping.
Furthermore, the low liquidity inherent in the markets may have amplified the impact of this capital inflow. With fewer tokens available for trading, the sudden injection of substantial funds could easily cause prices to skyrocket, creating a spike on the price chart.
As the SHIB community continues to analyze the implications of this rally, attention is focused on whether this rise will sustain or if history will repeat itself with a subsequent correction.
