Shiba Inu: Memecoins are once again on crypto market traders’ and investors’ radars as the majority of these tokens showcased signs of a recovery today, April 17. Amidst this recovery chronicle embarked upon by meme coins, Shiba Inu’s SHIB and BONE Shibaswap, a Shibarium token, appear to be garnering substantial investor optimism across the global crypto realm, surging remarkably in the past 24 hours.

The rising price action echoed a frenzy across the crypto market as SHIB & BONE witnessed substantial price corrections in the past few days, dipping as low as $0.000019 and $0.51, respectively. However, with the tokens’ on-chain data and Shiba Inu’s cryptographic chronicles coming into play, SHIB & BONE portrayed signs of a recovery trend today, with Shiba Inu’s Lucie further spotlighting the price upswings. Here’s a closer look into the potential factors driving SHIB & BONE’s recovery.

$BONE & $SHIB recovering pic.twitter.com/TRPY9PHFH4

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) April 17, 2024

Meme Coins Mirror Broader Market Trend

Notably, as the BTC halving neared, the broader crypto market witnessed substantial pre-halving corrections, primarily attributed to Bitcoin’s pre-halving retracement. Following these corrections, Bitcoin regained an upward trajectory today, surging 1.89% over the past day, with the majority of the altcoins also noting a prompt jump.

This also appears to fall in line with the recovery witnessed within the meme coin sector, with FLOKI, DOGE, MEW, and many other meme coins jotting a price upsurge today. Similarly, SHIB & BONE prices also recorded a price upswing.

Derivatives Data Mirrors Price Movement

Meanwhile, SHIB derivatives data illustrated a substantial decrease in SHIB liquidations today, flagging reduced selling pressure that validates the meme coin’s price upswing. The token’s open interest spiked 4.25%, reaching $53.64 million, further indicating new money entering the derivatives market, per Coinglass data. This underscored Shiba Inu’s price uptrend today.

Whereas, the BONE Shibaswap token’s open interest surged 6.15%, reaching $292.95K, painting an optimistic scenario similar to SHIB. Further, even BONE liquidations plunged considerably, coinciding with Shiba Inu’s optimistic market dynamics.

Shiba Inu’s Burning Saga

In addition to the abovementioned factors, a slight jump in the SHIB burn rate also appears to be fueling the token’s price upswing. Per Shibburn’s data, 24.36 million coins have been incinerated over the past 24 hours, propelling a 25.92% jump in the SHIB burn rate. This adds to Shiba Inu’s upswing, whereas a 269.91% weekly burn rate surge further creates bullish waves for the token.

HOURLY SHIB UPDATE$SHIB Price: $0.00002257 (1hr -0.25% ▼ | 24hr 3.96% ▲ )
Market Cap: $13,304,679,832 (3.61% ▲)
Total Supply: 589,274,398,718,956

TOKENS BURNT
Past 24Hrs: 24,360,186 (25.92% ▲)
Past 7 Days: 798,314,370 (269.91% ▲)

— Shibburn (@shibburn) April 17, 2024

Similarly, in a statement shared by Lucie recently, BONE burning was also drawn attention to, primarily attributed to the DAMN burn mechanism. As reported by CoinGape Media earlier, the DAMN burn mechanism also incinerates BONE, Shibariums’s gas token, with each transaction on the network. This, collectively, mirrors the tokens’ price upswing, as SHIB & BONE supply deals with the blow with massive burns

Also Read: Origin Protocol (OGN) Price Rallies 10% Today, Here’s Why

SHIB & BONE Prices Spring

As of writing, the Shiba Inu token illustrated a 2.12% surge in the past 24 hours and is currently trading at $0.00002242. Whereas, the BONE Shibaswap token surged 2.28% in the past 24 hours and is currently resting at $0.5991.

Notably, Shiba Inu’s 24-hour high is $0.00002296, whereas BONE’s 24-hour high is $0.6048. Nonetheless, it’s worth noting that the crypto market braces for extreme volatility ahead of the halving, and current trends don’t assure future performances.

Also Read: XRP Whales Move 287M Tokens, Will XRP Price Hit $0.60?

The post SHIB & BONE Prices Show Signs Of Recovery, Here’s Why appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am