The Shiba Inu-based BONE token is one of the best-performing altcoins with a price increase of 34% within the last seven days. While the broader crypto market saw a significant consolidation within the last few days, Bone ShibaSwap (BONE) was able to buck the trend.
And there are several good reasons for this. As we reported, BONE will play a central role for Shiba Inu’s much-hyped layer-2 technology, Shibarium. The BONE token will receive a number of new use cases once Shibarium is released.
Thus, BONE has definitely benefited greatly from the hype surrounding the soon-to-be-launched layer-2 technology as well.
But there is another good reason to expect the BONE price rally to continue. The reason is that BONE is not yet listed on many exchanges, especially well-known ones with large trading volume. A listing on Binance or Coinbase, for example, traditionally results in a sharp price rally.
And this effect has already been seen yesterday with the listing on the exchange Gate.io. The exchange announced yesterday in a blog post that it will support Bone ShibaSwap with the trading pair BONE/USDT. The platform has over 12 million registered users.
Driven by the new listing, the Shiba Inu-based token has risen by more than 5% at one point. A listing on Binance or Coinbase could potentially have a far greater impact on the price.
The largest trading platforms for BONE by volume to date are Uniswap, Bitget, MEXC, BKEX, LBank,CoinEx, ShibaSwap and Bitmart. With the long-awaited launch of Shibabarium, other notable exchanges may take notice of the Bone ShibaSwap token.
Shiba Inu Based BONE To Hit A New All-Time High?
BONE has had a strong rally of over 140% since the beginning of the year, outperforming most of the altcoins in the crypto market.
However, the 1-day chart shows that the BONE bulls have run out of steam for now at the last key resistance before an all-time high. On the 1-day chart, resistance at $1.96 is likely to be the last test before BONE can attack the all-time high of $2.38 set on August 30, 2022.
As discussed before, the listing on another renowned exchange or the official announcement of Shibarium’s beta launch date could be a vital impetus to break through this last barrier. The RSI on a daily basis supports this thesis. The indicator is currently at 62 and offers room for a further upward movement.
However, traders should also watch the upcoming release Personal Consumption Expenditures Price Index (PCE) in just one hour (at 8am EST), which is likely to cause more volatility in the crypto market.
Featured image from Coingecko, Chart from TradingView.com