Shiba Inu and other meme coins are starting to attract attention again in the crypto market. In this context, many tokens showed signs of recovery today. In this recovery process initiated by meme coins, Shiba Inu’s SHIB token and Shibarium’s BONE token have increased significantly in the last 24 hours, creating a positive atmosphere in the global crypto community.
SHIB and BONE have experienced significant price corrections over the past few days. In this context, it decreased to $0.000019 and $0.51, respectively. However, blockchain data of tokens and cryptographic records of Shiba Inu, SHIB and BONNETShowing recovery trends today and supporting rising prices of Shiba Inu. Here is the potential that triggers the recovery of SHIB and BONE factors:
$BONE & $SHIB recovering pic.twitter.com/TRPY9PHFH4
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) April 17, 2024
NEWS CONTINUES BELOW
Meme Coins Reflect Broad Market Trend
Especially, BitcoinWith the upcoming halving of , the overall crypto market has witnessed pre-halving corrections of Bitcoin recently. Following these corrections, Bitcoin rose again today with an increase of 1.89%. Additionally, many altcoins have also recorded a rapid recovery.
During this period, many meme coins such as FLOKI, DOGE, MEW also experienced an increase in their prices today. meme coin This recovery in the industry reflects optimism in the overall crypto market. Similarly, tokens such as SHIB and BONE also showed increases in their prices.
Derivative Data Reflects Price Movements
Meanwhile, SHIB derivatives data showed a significant decline in SHIB liquidations today. In this context, the meme signaled that the selling pressure had decreased, confirming the coin’s price increase. According to Coinglass data, the token’s open interest increased by 4.25% to $53.64 million. This shows that new money has entered the derivatives market. This underlined today’s price increase trend of Shiba Inu.
The open interest of the BONE Shibaswap token increased by 6.15% and reached 292.95 thousand dollars. In this context, he drew an optimistic scenario similar to SHIB. Moreover, even BONE liquidations have fallen significantly to coincide with Shiba Inu’s optimistic market dynamics.
Shiba Inu’s Cremation Epic
In addition to the factors mentioned above, a slight jump in the SHIB burn rate also seems to be fueling the token’s price increase. According to data from Shibburn, 24.36 million coins were burned in the last 24 hours. In this context, there was a 25.92% jump in the SHIB burning rate. While this contributes to the rise of Shiba Inu, the 269.91% increase in the weekly burn rate is creating bullish waves for the token.
HOURLY SHIB UPDATE$SHIB Price: $0.00002257 (1hr -0.25% ▼ | 24hr 3.96% ▲ )
Market Cap: $13,304,679,832 (3.61% ▲)
Total Supply: 589,274,398,718,956TOKENS 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, attention was also drawn to BONE burning, which was primarily attributed to the DAMN burning mechanism. The DAMN burning mechanism burns Shibariums’ gas token, BONE, with every transaction on the network. Collectively, this reflects the price increase of the tokens as the SHIB & BONE supply copes with massive burns.
SHIB & BONE Prices
At the time of writing, Shiba Inu is up 2.12% in the last 24 hours. It is currently trading at $0.00002242. BONE Shibaswap token increased by 2.28% in the last 24 hours. Additionally, it is currently at $0.5991.
Specifically, Shiba Inu’s 24-hour high is $0.00002296, while BONE’s 24-hour high is $0.6048. However, it is important to note that the crypto market is preparing for extreme volatility ahead of the upcoming halving and current trends do not guarantee future performances.
