Both SHIB and BONE gained bullish momentum last week, which is why Shibarium could be driving this move higher.

  • The supply of SHIB on exchanges has decreased and positive sentiment has increased.

  • BONE’s price has increased by over 20% in the past 7 days and indicators remain bullish.

As Shiba Inu’s much-awaited Shibarium launch draws near, the hype surrounding SHIB has also increased. This is evident from the substantial increase in the accumulation of the token over the past few weeks. Apart from SHIB, Bone ShibaSwap [BONE] has also gained bullish momentum with its price increasing over the past week.

Shibarium hype continues to heat up

Shiba Inu recently published a new blog post that provides new details about the Shibarium launch. Notably, the Shiba Inu team will mint the remaining BONE prior to launch and abandon the BONE contract so that further minting is not possible.

The blog also mentioned that this is a necessary step to launch the blockchain as a large portion of BONE is allocated to the first role in the upcoming system – validators.

SHIB is progressing smoothly

During this period, demand for Shiba Inus increased significantly. This can be seen from the sharp drop in supply on exchanges. At the same time, foreign exchange outflows from SHIB surged, further indicating strong demand.

The entire crypto community is also confident about the coin as its positive sentiment has remained high over the past few weeks.

According to CoinMarketCap, memecoin has gained more than 6% over the past seven days. At press time, it is trading at $0.000008291 with a market cap of $4.8 billion.

SHIB’s price could rise further before the launch as the exponential moving average (EMA) ribbon shows a bullish crossover. Its MACD also shows a bullish edge in the market.

However, the Shiba Inu’s relative strength index (RSI) has declined, which is worrying.

BONE is ahead of Shiba Inu

Despite the positive price action for SHIB, BONE has performed even better. In fact, the token’s price has increased by more than 20% over the last week. According to CoinMarketCap, BONE’s value has increased by 6% in the past 24 hours alone.

As of this writing, it is valued at $1.53 and has a market cap of $351 million.

Memecoin’s on-chain performance is also strong, indicating further growth. For example, the upward price trend is accompanied by a large surge in trading volume. Its 1-week price volatility is also large.

On top of that, there has been an increase in whale activity around BONE over the past few days as the number of whale transactions has increased.