The price of BONE has experienced a significant increase following the announcement that Shibarium will be going live in August of this year. At the time of writing this article, this cryptocurrency, often referred to as a ‘meme coin’, was valued at around $1.35 after a surge of over 22% in just 24 hours.
The Impact of the Shibarium Announcement on BONE
In one of his recent tweets, developer Shytoshi Kusama revealed that the highly anticipated layer 2 blockchain, Shibarium, is set to go live after a conference in Toronto in August of this year. Following this announcement, the price of ShibaSwap’s BONE (BONE) surged over 22% in just 24 hours of trading according to CoinMarketCap.
At the time of writing this article, BONE was valued at around $1.35 after a highly successful trading session. Additionally, the crypto has increased over 40% in the past seven days. The ‘meme coin’ has also displayed a monthly positive performance of over 71%. Meanwhile, the 24-hour trading volume of BONE has increased by 50% over the previous day, reaching approximately $17,818,519.
Other ‘Meme Coins’ Affected by the Announcement
The Shibarium blockchain will not only utilize tokens like BONE but also Shiba Inu (SHIB) and Doge Killer (LEASH). Therefore, it is logical to assume that the recent announcement could have a similar impact on other ‘meme coins’ in the coming week. At the time of writing this article, SHIB was also on the rise. The price of this crypto was at $0.000007347 after a 1.41% increase. Meanwhile, LEASH was trading at $345.40 after gaining over 13% in the last 24 hours.
Future Prospects of BONE
BONE managed to break through the resistance level at $1.1632 yesterday and turn it into support. Over the past 24 hours, BONE has attempted to break the next major barrier at $1.4302 and succeeded in surpassing this key price point to reach a peak of $1.4800. Since then, it has slightly corrected but continues to trade above the resistance at the time of writing this article. If BONE can close today’s daily candle above $1.4302, it could seek to test $1.6008 in the coming days.
On the other hand, a daily close today below this price point could result in a correction of BONE back to the previously mentioned $1.1632 level. Learn more on cyproview.io
