• Within the past 48 hours, there has been a notable surge in social media mentions of $Bone, with 1.2 million references.

• Recent data from IntoTheBlock reveals a remarkable 145% increase in new addresses for BONE within the last seven days.

Shiba Inu has garnered significant attention within the cryptocurrency market. At the beginning of the week, Santiment reported an increase in Shiba Inu’s social dominance. Additionally, last Wednesday, Santiment highlighted that SHIB experienced high transaction fees, indicating a surge in activity. Upon closer examination of the underlying trends, this development for Shiba Inu may have a positive implication, as it suggests network growth potentially acting as a catalyst. 

Notably, as the release of Shibarium Layer 2 approaches, new addresses are joining the Shiba Inu ecosystem. Shibarium, a highly anticipated Layer 2 blockchain, is anticipated to launch following a conference scheduled in Toronto in August, as disclosed by Shiba Inu’s lead, Shytoshi Kusama.

 BONE Attracts a Significant Influx of New Addresses

Within the past 48 hours, there has been a notable surge in social media mentions of Bone, with 1.2 million references. However, while most of these mentions were positive earlier, they have become more neutral, resulting in a decline in performance. It is worth noting that the increase in mentions occurred following the announcement of Shibarium’s upcoming launch in August.

Once Shibarium releases, it is expected to designate Bone as the gas token for the blockchain. This means that $Bone will serve as the currency for transaction fees and smart contract interactions within the Shibarium network. The utilization of Bone aims to address the high gas fee issues associated with Ethereum, the network where Shiba Inu was initially introduced.

The developers intend to incorporate Bone as a gas token to incentivize users to hold and utilize Bone, potentially driving its value upwards. Notably, the Bone token has witnessed an impressive surge of more than 110% within the past month. Over the past week, there has been a significant surge in both new and active addresses for BONE. 

Recent data from IntoTheBlock reveals a remarkable 145% increase in new addresses for BONE within the last seven days, while active addresses have surged by 124% during the same period.

Is there Potential for Bone Price to Reach $2

As of the time of writing, Bone is trading at $1.27, with a 24-hour decrease of 5.71%. Additionally, the token’s market cap is currently at $291 M.

Although the BONE price may experience a temporary pause to regain bullish momentum, a closer examination of the higher price chart indicates the emergence of a double-bottom pattern. This bullish reversal pattern has paved the way for a positive trajectory for the token in the long run. If the coin price manages to sustain above $1.3, it is possible that buyers could initiate a rally towards $2 to surpass this level.

Relative Strength Index (RSI): The upward slope of the weekly RSI, currently at 60%, indicates a strong bullish momentum prevailing in the market.

Bollinger Bands: The slight decline observed in the upper band of the indicator could potentially act as an additional resistance level for buyers, leading to a temporary interruption in the uptrend.