Meme coins Shiba Inu (SHIB) and BONE Shibaswap are making headlines again as they show promising signs of recovery, reflecting a broader upward trend in the cryptocurrency market. As of April 17, these tokens have experienced notable increases in value, capturing the attention of investors worldwide.
Rebound Amid Market Corrections
Both SHIB and BONE experienced significant corrections recently, with SHIB dipping to $0.000019 and BONE to $0.51. However, fueled by positive on-chain data and broader market trends, both tokens have begun to recover. The general uplift in the crypto market, seen in the surge of Bitcoin and other altcoins, has coincided with a recovery in meme coins like FLOKI, DOGE, and MEW, alongside SHIB and BONE.
Derivatives Data and Market Dynamics
The derivatives market for SHIB shows a decrease in liquidations and an increase in open interest by 4.25% to $53.64 million, according to Coinglass. This suggests a decrease in selling pressure and new money entering the market. Similarly, BONE's open interest has risen by 6.15% to $292.95K, with liquidations also declining, indicating positive market sentiment towards these tokens.
Shiba Inu’s Burn Rate Fuels Recovery
A significant aspect contributing to the price recovery is the increased rate of coin burns. Over the past 24 hours, Shibburn data revealed that 24.36 million SHIB coins were burned, increasing the burn rate by 25.92%. This weekly surge of 269.91% in the burn rate has likely contributed to bullish sentiment for SHIB. Additionally, BONE's burning mechanism, known as the DAMN burn, has been actively reducing the token's supply, supporting its price stability and growth.
Current Prices and Market Outlook
As the market moves closer to the Bitcoin halving, volatility remains high, yet the immediate outlook for SHIB and BONE appears positive. SHIB has risen by 2.12% in the last 24 hours, trading at $0.00002242, while BONE has increased by 2.28%, currently priced at $0.5991.
Despite these gains, the high volatility ahead of the halving suggests that traders should remain cautious, as current trends do not necessarily predict future performance. Nevertheless, the robust activity around SHIB and BONE, especially in terms of derivatives and burn rates, provides a solid foundation for potential continued recovery.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
