Shiba Knight, a prominent analyst within the Shiba Inu community, has boldly predicted that Bone ShibaSwap (BONE) is primed for another leg up, with a price target of $3 on the horizon. This comes after BONE defied the broader market’s bearish sentiment and surged by a staggering 26% in the past day.
BONE’s impressive performance stands in stark contrast to the recent slump experienced by Bitcoin, which has dragged the overall cryptocurrency market downwards. BONE defied this trend, rallying from a low of $0.8714 to a high of $1.097, translating to a significant 25.84% gain within a 24-hour period. Furthermore, trading volume for BONE spiked by 64% compared to the previous day.
Capitalizing on this momentum, SHIB Knight took to social media to comment on BONE’s impressive run. While acknowledging the recent bullish rally, the analyst went a step further, emphasizing that BONE is poised for a “pump more” scenario.
This latest prediction follows an earlier analysis by SHIB Knight, where they anticipated BONE to break free from a prolonged consolidation phase. While the initial breakout failed to materialize, the analyst remains confident, sharing a chart suggesting BONE is now even better positioned for the anticipated surge. “Breakout will happen sooner or later,” declared the Shiba Inu analyst
SHIB Knight’s bullish forecast translates to a potential 155.23% upswing for BONE, targeting a price point of $3.
It’s important to note that BONE is currently trading significantly lower than its 2021 peak of $41.67, representing a decrease of 97.56%. Furthermore SHIB, the leading token within the Shiba Inu ecosystem, is yet to surpass its 2021 ATH.
Analysts Weigh in
Analysts believe the limited exposure of BONE could be a contributing factor to the price disparity between the two tokens. Despite having a considerably lower circulating supply compared to SHIB, BONE’s availability is restricted on major cryptocurrency exchanges. Currently, only two prominent centralized exchanges, OKX and Gate.io, support BONE trading. Industry giants like Binance, Coinbase, KuCoin, and Bybit have yet to list the token.
The Shiba Inu community is actively campaigning for BONE to be listed on Binance, believing it would be a significant catalyst for further price increases. They are confident that such a listing would trigger explosive rallies, propelling BONE to unprecedented levels.
Whether BONE can reach the ambitious $3 target remains to be seen, but the recent surge and ongoing community efforts suggest that the future might be bright for this Shiba Inu ecosystem token.
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