🔥🔥🔥 $SHIB & #BONE Prices Show Signs Of Recovery, Here's Why
Shiba Inu: #Memecoins🤑🤑 are back on traders' and investors' radars as signs of recovery emerge on April 17. Notably, Shiba Inu's SHIB and BONE tokens have experienced remarkable surges in the past 24 hours, drawing considerable optimism from the global crypto community.
After recent price corrections that saw SHIB and BONE drop to as low as $0.000019 and $0.51, respectively, both tokens displayed signs of a recovery trend today. On-chain data and Shiba Inu's cryptographic developments, alongside support from Shiba Inu's Lucie, have contributed to the upward momentum. Here's a closer look at the factors driving SHIB and BONE's recovery:
Meme Coins Reflect Broader Market Trends:
- The broader crypto market, influenced by Bitcoin's retracement ahead of the BTC halving, experienced significant pre-halving corrections. However, Bitcoin regained upward momentum, rising by 1.89% over the past day, along with most altcoins, including meme coins like $FLOKI , $DOGE , MEW, and others. SHIB and BONE also recorded price surges in line with this trend.
Derivatives Data Confirm Price Movements:
- SHIB derivatives data showed a notable decrease in liquidations, indicating reduced selling pressure and supporting the meme coin's price surge. Open interest for SHIB spiked by 4.25% to $53.64 million, suggesting new capital entering the derivatives market. Similarly, BONE's open interest surged by 6.15% to $292.95K, aligning with SHIB's optimistic market dynamics. Additionally, both tokens experienced a drop in liquidations.
Increased Burn Rate Drives Price Surge:
- The SHIB burn rate surged, with 24.36 million coins incinerated in the last 24 hours, marking a 25.92% increase. Lucie's recent remarks emphasized the burning of BONE through the DAMN mechanism on the Shibarium network, driving up token prices as both SHIB and BONE supplies experience substantial reductions.
Source - coingape.com