Shiba Inu based BONE token soars 11%- How high can it go?

[BlakeCB]

The BONE token, based on Shiba Inu, has shown remarkable growth, standing out as one of the strongest performers in the current cryptocurrency market. Despite the overall market's lackluster performance, the Bone Shibaswap (BONE) token has surged by 11% within the past 24 hours.

This surge can be attributed to several positive developments within the Shiba Inu ecosystem. The recent revamp of the Shibarium testnet browser, Puppyscan, has notably contributed to this positive momentum. Additionally, the ongoing release of previously locked BONE tokens to users has played a significant role in driving up its value.

The technical challenges faced by the bridge engagement of Shibarium's Layer 2 network, which led to trapped Ethereum funds, created initial setbacks. However, the efforts to address these issues and the subsequent release of BONE tokens have renewed investor confidence.

Another factor fueling BONE's popularity is the continuous improvement of the Shibarium mainnet following its relaunch. Enhancements introduced by Shytoshi Kusama have aimed at providing a better user experience for its Layer 2 extension solution.

In terms of price analysis, BONE's trajectory has been influenced by multiple factors, including its role as the Gas token for Shiba Inu's scaling solution Shibarium. The token experienced a retracement to the 61.8% Fibonacci retracement level and managed to surpass several key Fibonacci retracement levels. The immediate target lies at the 23.6% Fibonacci retracement before potentially reaching the August high. If the BONE bulls maintain their position, this could pave the way for further gains, potentially even revisiting the all-time high.

Ultimately, BONE's journey is marked by continuous improvements, favorable developments, and technical achievements within the Shiba Inu ecosystem, which contribute to its ongoing growth and value appreciation.