- Bone Shibaswap price has soared to the highest point since March.
- It has almost doubled from its lowest point in June this year.
- The token is soaring because of the upcoming Shibariun launch.
Bone Shibaswap price pulled back on Monday after going parabolic in the past few days. The token retreated to a low of $1.3365 on Monday, lower than last week’s high of $1.5. It has jumped by more than 98% from the lowest point in June.
Shibarium launch ahead
Bone Shibaswap is one of the three cryptocurrencies that was developed by Shiba Inu’s developers. The others are Shiba Inu and Leap. Bone Shibaswap is a token that allows people to provide liquidity to the Shibaswap ecosystem and then earn a return.
Shibaswap, on the other hand, is a DeFi platform that allows people to trade and earn returns in the Shiba Inu ecosystem. It has over $21 million in total value locked (TVL) while the recent rally has pushed the token’s market cap to over $305 million.
It is unclear why Bone Shibaswap price has jumped sharply in the past few days. A likely reason is that the developers will launch Shibarium Blockchain in August. For starters, Shibarium is a layer-2 network that is expected to supercharge Shiba Inu’s ecosystem.
Read more: How to buy Shiba Inu.
Shibarium, which is already in its testnet, will have more features like faster transaction speeds and lower costs in its ecosystem.
Shiba Inu and Bone Shibaswap prices have jumped in the past few days as the momentum of this launch continues. Historically, cryptocurrencies tend to rally ahead of a major announcement or network upgrade.
Another popular scenario is known as buying the rumours and selling the news. This happens when investors buy an asset in anticipation of a major move and then exit when it happens. Therefore, there is a likelihood that the token will resume the bearish trend in the coming weeks.
Bone Shibaswap price prediction
The daily chart shows that the Bone Shibaswap price has been in a strong bullish trend in the past few days. It has managed to move above the key resistance level at $1.1661, the highest level on April 24th.
Bone ShibaSwap has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the overbought level of 70. Therefore, the outlook of the token is bullish, with the next key resistance point being at $2, which is ~50% above the current level.
The price will then nosedive before and after the Shibarium launch in August as investors sell the news.
