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The Shiba Inu ecosystem has recorded an impressive performance within the past few days. Bone ShibaSwap (BONE), one of the SHIB ecosystem tokens, recently recorded a nearly 26% increase. Following the surge, Shiba Inu community analyst SHIB Knight predicts that BONE could hit $3 soon.
Analyst Predicts BONE Breakout to Occur Soon
The broader crypto market has dwindled after Bitcoin’s meteoric rise above $73,000, with notable losses across diverse assets in the last 24 hours.
However, BONE broke the jinx, standing out with an impressive price gain. As of March 18, when most coins were in the red, BONE spiked from $0.8714 to $1.097.
The price movement reflected a 24-hour increase of 25.87%, with trading volume skyrocketing by 64% from its past day’s value. Many within the Shiba Inu community celebrate the new feat, with some forecasting a massive upswing for the meme coin.
Among these, SHIB Knight, a crypto analyst, made striking predictions on X regarding BONE’s performance.
Knight noted that the remarkable move shows that BONE is ready for an explosive surge in the future.
$BONE is having a nice pump rn. It will pump more! 🔥🚀 https://t.co/ao3YvsrJzS pic.twitter.com/P7HbIDVkmk
— $SHIB KNIGHT (@army_shiba) March 18, 2024
The analyst post came as an update to a previous analysis of BONE. He had expected BONE to surge above its long-lasted consolidation phase with an explosive move, but it didn’t reach his expectations. SHIB Knight’s latest analysis indicated that BONE is long overdue for a breakout from its present boundaries.
The analysis is quite optimistic, noting the “Breakout will happen sooner or later.” Also, he predicted that the target price for BONE would be $3 following the touted breakout. However, rallying to $3 will represent an over 155% price growth from BONE’s current value.
Supporting Factors for BONE’s Potential Explosive Price Rally
According to data from CoinMarketCap, Bone ShibaSwap (BONE) is 97.98% down from its 2021 ATH of $41.67. Conversely, SHIB, the leading coin within the Shiba Inu ecosystem, has scaled above some of its 2021 highs. Replicating a similar movement could take BONE to its coveted price quite soon.
Though BONE has a remarkably lower token supply than SHIB, it’s yet to record comparable price gains. Notably, BONE has limited exposure to most participants within the crypto market.
Among the top 10 most prominent centralized crypto exchanges and trading platforms, BONE is listed only on OKX and Gate.io.
Other notable platforms like Binance, Coinbase, ByBit, and KuCoin have yet to list the token. On the community’s part, the leaders have urged the community members to participate in promoting BONE within the industry. They advocated for the members’ votes for the token’s listing on Binance.
The community is optimistic that BONE will receive more attention and have explosive rallies once it is listed on the Binance platform.
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