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Shiba Inu's SHIB and BONE tokens surged in value today, signaling a potent recovery in the memecoin market driven by significant on-chain data and optimism.
Resurgence of Memecoins: Shiba Inu's SHIB and BONE Lead Recovery Amid Crypto Market Rebound
Shiba Inu: Memecoins are back on crypto market traders' and investors' radars, with the bulk of these tokens showing signs of recovery today, April 17, as per Coingape.
Amidst the rebound story of meme coins, Shiba Inu's SHIB and BONE Shibaswap, a Shibarium token, look to generate significant investor optimism across the global crypto sphere, jumping dramatically in the previous 24 hours.
The soaring price action reflected a frenzy throughout the crypto market, as SHIB and BONE experienced significant price corrections recently, dropping as low as $0.000019 and $0.51, respectively.
However, with the tokens' on-chain data and Shiba Inu's cryptographic archives at play, SHIB & BONE showed signs of a rebound trend today, with Shiba Inu's Lucie highlighting the price increases. Here's a closer look at the possible variables fueling SHIB & BONE's revival.
Notably, the larger crypto market experienced significant pre-halving corrections as the BTC halving approached, largely due to Bitcoin's pre-halving pullback. Following these corrections, Bitcoin resumed its upward trend today, gaining 1.89% over the previous day, with the bulk of altcoins also experiencing a rapid increase.
This also seems consistent with the rebound experienced in the meme coin sector, with FLOKI, DOGE, MEW, and many other meme currencies experiencing price increases today. Similarly, SHIB and BONE prices increased.
Analyzing Market Movements: Shiba Inu and BONE Experience Uptick Amid Reduced Liquidations and Increased Burns
Meanwhile, SHIB derivatives data showed a significant decrease in SHIB liquidations today, indicating reduced selling pressure and supporting the meme coin's price increase. The token's open interest increased by 4.25% to $53.64 million, signaling that new money is entering the futures market, according to Coinglass statistics. This reinforced Shiba Inu's price increase today.
The BONE Shibaswap token's open interest increased by 6.15% to $292.95K, indicating a bullish outlook comparable to SHIB. Furthermore, BONE liquidations decreased significantly, which corresponded with Shiba Inu's positive market dynamics.
In addition to the variables above, a modest increase in the SHIB burn rate appears to be driving the token's price increase. According to Shibburn data, 24.36 million coins have been burnt in the last 24 hours, representing a 25.92% increase in the SHIB burn rate. This contributes to Shiba Inu's upswing, while a 269.91% weekly burn rate increase provides additional bullish waves for the token.
Similarly, in a recent statement made by Lucie, BONE burning was highlighted, mostly because of the DAMN burn process. As previously reported by CoinGape Media, the DAMN burn mechanism incinerates BONE, Shibariums' gas currency, with each network transaction. This, collectively, mimics the tokens' price increase, as SHIB and BONE supply deals with the blow with massive burns.
As of this writing, the Shiba Inu token has risen 2.12% in the previous 24 hours and is now trading at $0.00002242. In contrast, the BONE Shibaswap token has risen 2.28% in the last 24 hours and is currently trading at $0.5991.
Shiba Inu's 24-hour high is $0.00002296, whereas BONE's is $0.6048. Nonetheless, the crypto market expects high volatility ahead of the halving, and existing trends do not guarantee future performance.
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