SHIB & BONE Prices Show Signs Of Recovery, Here’s Why

SHIB and BONE prices noted an uptick today, with on-chain factors underscoring signs of a potential price recovery trend for the tokens.

The rising price action echoed a frenzy across the crypto market as SHIB & BONE witnessed substantial price corrections in the past few days, dipping as low as $0.000019 and $0.51, respectively. However, with the tokens’ on-chain data and Shiba Inu’s cryptographic chronicles coming into play, SHIB & BONE portrayed signs of a recovery trend today, with Shiba Inu’s Lucie further spotlighting the price upswings. Here’s a closer look into the potential factors driving SHIB & BONE’s recovery.

Derivatives Data Mirrors Price Movement

Meanwhile, SHIB derivatives data illustrated a substantial decrease in SHIB liquidations today, flagging reduced selling pressure that validates the meme coin’s price upswing. The token’s open interest spiked 4.25%, reaching $53.64 million, further indicating new money entering the derivatives market, per Coinglass data. This underscored Shiba Inu’s price uptrend today.

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