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Shiba Inu (SHIB) community today turned its attention to a token in the ecosystem, BONE, as it experienced an unexpected price increase. Despite a general decline in the cryptocurrency market, BONE witnessed a rapid 8% increase in value over the last 12 hours, defying all odds. As a result, the token’s price rose to $0.617. This is not the first time such an event has occurred.
Remarkable Increase in BONE’s Value
Just a few days ago, on February 1st, BONE saw a significant 13% increase within just two hours. However, this rise was short-lived and led to a decrease in prices over the following 24 hours. There is much speculation about the cause behind this sudden surge. Some cryptocurrency analysts suggest that the recent increase could be linked to BONE reaching a critical support level around $0.53 per token.
Moreover, this level, set at the end of January, marked the lowest point for BONE since July 2022, creating a significant barrier against further declines. It is speculated that large buyers or investor groups might have been waiting for this opportune moment to start strategically. Additionally, low liquidity in the markets could have amplified the impact of this capital inflow.
Will BONE’s Uptrend Continue?
With fewer tokens available for transactions, the sudden influx of a significant amount of funds can easily drive up prices and create a rise on the price chart. As the SHIB community continues to scrutinize the outcomes of this rally, attention turns to whether this increase will persist or if a subsequent correction will repeat history. In conclusion, the SHIB community has drawn attention with BONE token’s sudden price spike. Despite the overall market downturn, BONE has risen by 8% in the last 12 hours, reaching $0.617. Reasons for the rise include reaching support levels, low liquidity, and strategic moves by large investors.
