Cryptocurrency traders and investors are once again eyeing memecoins as many show signs of recovery on April 17. Notably, Shiba Inu’s SHIB and BONE Shibaswap tokens have surged remarkably in the past 24 hours, reflecting global investor optimism.
Both SHIB and BONE experienced significant price corrections recently, dropping as low as $0.000019 and $0.51, respectively. However, recent on-chain data and Shiba Inu’s cryptographic developments indicate a recovery trend today, with Lucie from Shiba Inu highlighting the price upswings.
Meme Coins and Market Trends
The broader crypto market, including meme coins like SHIB and BONE, mirrors trends observed in Bitcoin’s pre-halving retracement. Bitcoin’s recent surge of 1.89% has led to a prompt jump in many altcoins, coinciding with the recovery witnessed within the meme coin sector.
Related article: Shiba Inu’s Path to $0.006539: A Bitcoin Halving Forecast
Analysis of derivatives data for SHIB and BONE reveals a decrease in liquidations, signaling reduced selling pressure and supporting the meme coins’ price upswing. Notably, both tokens show an increase in open interest, indicating growing interest from investors and traders.
The rising burn rate of SHIB and the DAMN burn mechanism for BONE tokens are both driving up their prices, with millions of coins incinerated in the past 24 hours.
Related article: Shiba Inu’s Roadmap to Success: Analyzing Opportunities Amidst Turmoil
Price Movement and Current Status
As of the latest data, Shiba Inu token has surged by 2.12% in the past 24 hours, reaching a trading price of $0.00002242, while BONE Shibaswap token has increased by 2.28%, resting at $0.5991. However, the crypto market anticipates extreme volatility ahead of the halving, and current trends may not predict future performances.
The recovery of SHIB and BONE prices is influenced by various factors, including broader market trends, derivatives data analysis, and the burning mechanism. Investors should remain vigilant due to the volatile nature of the cryptocurrency market.
