Shiba Inu-Based BONE Eyes $1 As This On-Chain Metric Explodes

BONE, a token based on the Shiba Inu ecosystem, has had quite a dull month in terms of bullish price movement. However, the Shiba Inu ecosystem is currently experiencing an increase in on-chain transactions, and BONE hasn't been left out.

Timeline of Bone-shibaswap, Shiba-inu

Shiba Inu (SHIB) is gaining momentum in its efforts to reduce its token supply, and this was evident in its latest performance. Over the past 24 hours, a total of 12,143,493 SHIB tokens were sent to inactive wallets, marking a 105% increase compared to the previous level.

The Shiba Inu burn initiative continues this week but with a drastic decline in volume. The latest figure which shows a decreased participation from investors could have long-running significant implications for the SHIB price.

The pseudonymous lead developer of the Shiba Inu team known on social media as Shytoshi Kusama has posted a cryptic message on the Shibarium Tech channel on Telegram and at the same time he spread the word that he is doing well, despite the recent silence on this platform.

As another week opens with the largest part of the cryptocurrency market trading in the green, Shiba Inu (SHIB) has slowed down a bit and is consolidating its gains from recent days. However, signs suggest that the current correction is only temporary and that its uptrend could continue by the end of this year.

Developers of the Shiba Inu project have initiated a ‘surprise' step towards a unique SHIB self custodial identity. This leaves scope for a potential SHIB price rally in the lead up to the countdown.

Shiba Inu Price Prediction: On October 19, the Shiba Inu price rebounded off the lower trendline of a falling wedge pattern at the $0.00000776 level. This reversal signed with a broader market recovery propels the coin by 17.4% to its current trading price of $0.0000076.

The Shiba Inu coin, once relatively quiet, has sprung to life in a remarkable rally. Experiencing a surge in both value and activity, it's broken multiple records this week. Notably, its Shibarium network has seen a notable uptick, with a staggering 493% rise in transaction volume in just one day.

Despite the recent market consolidation, Shiba Inu (SHIB) is finding a new balance as a price revival is currently underway. The meme coin is up 8% in the past 24 hours to $0.000008078, the highest level since early September, amid a bullish resurgence in buying activity.

Shiba Inu (SHIB) is on a parabolic run with respect to its burn rate metric as millions of SHIB got incinerated and sent to dead wallets. Per data from Shibburn, 121,210,538 SHIB tokens were burnt overnight, accounting for a massive 567% jump from previous levels.

As the curtain rises on another turbulent year for cryptocurrencies, all eyes are on Shiba Inu. The once soaring memecoin, inspired by its predecessor Dogecoin, now paints a somber picture.