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Tuesday, December 5, 2023

Shiba Inu And Its Sister Coin BONE Rally Into The Weekend — What’s Driving The Upside

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Shiba Inu SHIB/USD, which has been on a lean run for much of this year, hit a near-term bottom earlier this week. Since Friday, however, the meme crypto has been gathering some momentum.

The upward momentum accelerated on Saturday. The crypto opened the session at $0.00000731, up from $0.0000070 and has traded in a range of $0.00000729 to $0.00000763. At last check, SHIB rose 3.18% at $0.00000751.

Despite the spike, the crypto is still trading off its year-high of $0.000016 in early February.

Saturday’s upside came despite the rest of the financial markets, especially risk assets, moving to the downside as some strong data ignited worries about more potential rate hikes from the Fed.

Incidentally, Bone ShibaSwap BONE/USD, the governance token of ShibaSwap, a decentralized exchange that belongs to the Shiba Inu coin project, has been outperforming. BONE rallied 5.06%.

Shiba Inu lead developer Shytoshi Kusama said in a blog post this week that Shiba Inu is the title sponsor of the Blockchain Futurist Conference, where Shibarium and ecosystem’s “Worldpaper” will be released.

See Also: Best Cryptocurrencies

Photo: Shutterstock


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