- Bone ShibaSwap is one of the best-performing tokens this year.
- It has defied gravity in the past few weeks as cryptocurrencies consolidated.
- The focus is on the upcoming Shibarium mainnet launch.
Bone Shibaswap price has staged a strong comeback in the past few months. It has defied gravity after surging to a high of $1.7410, the highest level since March, While Bitcoin and Ethereum price have consolidated, BONE crypto has surged by more than 140% from its June lows. It has also done better than other meme coins like Shiba Inu and Dogecoin.
Why is BONE soaring?
Bone Shibaswap is soaring mostly because of the upcoming Shibarium launch. For starters, Shibarium is an upcoming layer 2 network that is meant to change the way Shiba Inu and ShibaSwap works.
ShibaSwap is a DeFi platform that was developed by Shiba Inu’s developers to provide utility in the ecosystem. It has numerous features, including token swapping, liquidity provision, governance, and NFT trading. ShibaSwap’s tokens are SHIB, LEASH, and BONE.
Shibarium is a layer-2 network that will make the platform better by boosting its speed and reducing transaction costs in the ecosystem. That’s important because ShibaSwap currently exists in Ethereum’s network, which is known for slow speeds and higher transaction costs. Also, it will be possible for external developers to build on top of Shibarium.
Shibarium has been going through testing in its testnet. Data shows that there are now 25 validators in the network and the block height has jumped to over 1.9 million. Further, the total staked BONE has jumped to over 958k.
Therefore, BONE price is soaring as demand for the token rose ahead of the upcoming Shibarium mainnet launch, which is scheduled for mid this month.
Bone Shibaswap price prediction
The daily chart shows that the BONE crypto price has made a strong comeback in the past few weeks. It recently flipped the important resistance level at $1.4912 into a resistance. This price was the highest level on July 8th.
BONE’s price is being supported by the 25-day and 50-day moving averages. At the same time, the MACD has pointed upwards while the Relative Strength Index (RSI) has jumped to the overbought level of 80.
Therefore, the BONE token will likely continue rising as buyers target the key resistance at $2. If this happens, it means that the token needs to rise by about 23%.
