While most cryptocurrencies’ price charts are in the red, one of the Shiba Inu [SHIB] tokens, Bone ShibaSwap [BONE], has chosen the opposite direction as its value has surged nearly 4% in the past seven days.

At the same time, blockchain’s flagship token SHIB has seen some sideways trading.

BONE's weekly chart turns green

Investors profited handsomely last week as BONE's price chart remained green. Meme coins gained more than 4% last week, according to CoinMarketCap. As of this writing, Meme coin is trading at $0.00001389, with a market capitalization of over $879 million.

To better understand the market sentiment towards BONE, AMBCrypto looked at data from Santiment. Our analysis shows that BONE has seen a surge in social traffic, meaning it remains popular in the cryptocurrency space.

However, it is interesting to note that despite the recent rise in the coin’s price, its weighted sentiment remains in negative territory, which clearly means that bearish sentiment surrounding meme coins is dominant in the market.

Let’s see if BONE maintains this price uptrend despite bearish market sentiment. We took a look at the daily chart of the meme coin. The coin’s Money Flow Index (MFI) is also high, indicating further price growth.

However, some indicators support the bears. For example, the Relative Strength Index (RSI) is trading sideways near the neutral zone. Its Chaikin Fund Flow (CMF) has also fallen sharply recently.

Additionally, Bollinger Bands indicate that BONE’s price is in a less volatile zone, minimizing the possibility of an unprecedented price spike in the short term.

Shiba Inu still dormant

While BONE's weekly chart remains green, Shiba Inu's price chart has recently turned red. SHIB is down 1% in the past 24 hours, according to CoinMarketCap. As of this writing, it trades at $0.000009614 and has a market capitalization of over $5.6 billion.

The dormant state of SHIB price is surprising given the amount of buying pressure on the meme coin. This can be seen from the sharp drop in SHIB exchange supply and the slight increase in OTC supply last week.

So how Shiba Inu responds to BONK’s recent price increase will be something to watch in the coming days.