🔥🔥🔥 $SHIB  & #BONE  Price Shows Signs of Recovery

Shiba Inu: #Memecoins🤑🤑 has returned to the radar of traders and investors as signs of recovery emerged on April 17. Notably, Shiba Inu tokens SHIB and BONE experienced through notable price increases over the past 24 hours, attracting significant optimism from the global cryptocurrency community.

Following recent price corrections that saw SHIB and BONE drop to lows of $0.000019 and $0.51 respectively, both tokens are showing signs of recovery today. Streaming data and developments in the Shiba Inu's cryptography, along with 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 Coin reflects broader market trends:

- The broader cryptocurrency market, affected by Bitcoin's retracement ahead of the BTC halving, experienced significant corrections ahead of the halving. However, Bitcoin has regained momentum, up 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 increases following this trend.

Derivatives data confirms price movements:

- SHIB derivatives data shows a significant decrease in the number of liquidations, indicating reduced selling pressure and supporting the rise in the price of the meme coin. Open interest in SHIB jumped 4.25% to $53.64 million, indicating that new capital is entering the derivatives market. Similarly, BONE's open interest increased 6.15% to $292.95k, in line with SHIB's upbeat market momentum. Additionally, both tokens were reduced in liquidation.

Increased burning speed causes prices to skyrocket:

- SHIB burn rate skyrockets, with 24.36 million coins burned in the last 24 hours, marking a 25.92% increase. Lucie's recent comments highlight the burning of BONE via the DAMN mechanism on the Shibarium network, driving up token prices as both SHIB and BONE supply decrease significantly.