Bone ShibaSwap (BONE) Price Surges as Trading Volume Doubles and Derivatives Activity Spikes

BONE is charging ahead, its price climbing as trading volume doubles and derivatives activity surges.

Bone ShibaSwap (BONE) price is heating up as the token experiences a 14.31% surge in the last 24 hours, pushing it to trade at $0.4059 at the last check.

This rally has also boosted BONE’s market capitalization significantly, which now stands at around $93.33 million.

Such strong price action indicates robust buying pressure and growing confidence among market participants regarding BONE’s near-term price movements.

Moreover, data from analytics platform Coinglass shows that trading volume in BONE futures and perpetual contracts has more than doubled, surging by 101.71% to hit approximately $217,050.

This coincides with a 5.64% increase in Open Interest (OI) to reach $84,210. The simultaneous rise in volume and OI suggests that new money is entering the market, with traders actively establishing new positions in anticipation of further price action.

While aggregate long/short ratios might show a slight bearish lean, recent liquidation patterns present a picture of significant pressure on short sellers.

As per Coinglass, out of roughly $6,000 in total liquidations during the past 12 to 24 hours, nearly $5,600 can be attributed to short positions being forcibly closed.

This dominance of short liquidations indicates that the recent price surge caught bearish traders offside, potentially triggering a “short squeeze” dynamic that can further amplify upward price pressure.

Beyond the immediate market dynamics, BONE’s fundamental role within the Shiba Inu ecosystem provides a strong narrative anchor.

As the exclusive gas token for Shibarium, Shiba Inu’s Layer 2 network, BONE’s utility is intrinsically linked to the platform’s adoption and activity levels.

Every transaction, every smart contract interaction, every application deployed on Shibarium will require BONE, creating inherent demand.

And as the Shibarium network continues to develop and attract more users and projects, the demand for its native gas token is expected to grow concurrently, underpinning its long-term value proposition.

The current market surge, combined with BONE’s core utility, suggests that investors are increasingly recognizing its pivotal position within the expanding Shiba Inu digital economy.

However, as always, potential investors are urged to conduct their own research and consider the inherent risks involved. This article is provided for informational purposes only and should not be construed as financial advice.

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This article is part of the Shib Daily, a new initiative by Comms in order to report daily on all things Shiba Inu.