LIVE#write2earn #Shiba Inu & #BoneShibaswap Tokens: Signs of #Recovery Spark Optimism #memecoins
Today, SHIB and BONE prices are on the rise, signaling a potential turnaround for these tokens as evidenced by on-chain indicators.
Shiba Inu: Memecoins are back on the radar of crypto traders and investors as many of these tokens, including SHIB and BONE Shibaswap, experienced a notable recovery on April 17. Despite recent dips, SHIB and BONE have seen significant surges in the past 24 hours, reflecting renewed investor confidence worldwide.
The upward movement follows a period of market frenzy where SHIB & BONE underwent substantial price corrections, dropping as low as $0.000019 and $0.51, respectively. However, with on-chain data and Shiba Inu's history in play, both tokens are showing signs of a turnaround, especially highlighted by Shiba Inu’s Lucie. Let's delve into the factors driving SHIB & BONE’s resurgence.
Meme Coins Align with Market Trends
The broader crypto market, including meme coins like SHIB & BONE, often mirrors Bitcoin's movements. As Bitcoin approached its halving, the market experienced corrections, followed by a resurgence. Today, Bitcoin surged by 1.89%, with many altcoins following suit. This trend also extended to meme coins, with SHIB & BONE witnessing price rebounds.
Derivatives Data Reflects Price Trends
SHIB derivatives data indicate a decrease in liquidations, suggesting reduced selling pressure and reinforcing the tokens' price uptrend. Similarly, BONE Shibaswap token’s derivatives data show a positive scenario. Liquidations for both tokens dropped considerably, aligning with optimistic market dynamics.
Burning Mechanism Adds Fuel to Price Surge
An increase in the SHIB burn rate contributes to its price surge, with millions of coins incinerated in the past 24 hours alone. This burning mechanism boosts bullish sentiment. Similarly, BONE burning, driven by the DAMN burn mechanism, complements SHIB’s upswing, as both tokens grapple with supply reductions.
