Prices for SHIB and BONE saw a spike today, with indications of a possible price recovery trend for the tokens being highlighted by on-chain variables.

Shiba Inu: As most of these tokens showed indications of a comeback today, April 17, memecoins are once again on traders' and investors' radars in the cryptocurrency market.

In the middle of this meme coin recovery story, Shiba Inu's SHIB and BONE Shibaswap, a Shibarium token, seem to be gaining significant investor confidence in the global cryptocurrency space, rising noticeably over the last 24 hours.

A frenzy sweeping the cryptocurrency market was reflected in the growing price action, as SHIB & BONE had significant price corrections in the last few days, plunging as low as $0.000019 and $0.51, respectively.

But with the on-chain data for the tokens and Shiba showed indications of a rebound trend today, with Shiba Inu's Lucie emphasising the price upswings. Inu's cryptography chronicles coming into play. Here's a closer look at the possible causes behind SHIB & BONE's comeback.

Memes Reflect a Wider Market Trend

Notably, the pre-halving corrections in the cryptocurrency market were significant as the BTC halving approached, mainly because of the pre-halving retracement of Bitcoin.

After these pullbacks, Bitcoin resumed its upward trajectory today, rising 1.89% over the previous day, and most altcoins saw a timely boost as well.

This seems to be consistent with the rebound that the meme coin market has been experiencing, as FLOKI, DOGE, MEW, and many other meme coins have seen price increases recently. In a same vein, SHIB & BONE prices showed a price upswing.

Derivatives Data Mirrors Price Movement

Meanwhile, SHIB derivatives data illustrated a substantial decrease in SHIB liquidations today, flagging reduced selling pressure that validates the meme coin’s price upswing.

The token’s open interest spiked 4.25%, reaching $53.64 million, further indicating new money entering the derivatives market, per Coinglass data. This underscored Shiba Inu’s price uptrend today.

Shiba Inu’s Burning Saga

In addition to the abovementioned factors, a slight jump in the SHIB burn rate also appears to be fueling the token’s price upswing. Per Shibburn’s data, 24.36 million coins have been incinerated over the past 24 hours, propelling a 25.92% jump in the SHIB burn rate.

This adds to Shiba Inu’s upswing, whereas a 269.91% weekly burn rate surge further creates bullish waves for the token.

Similarly, in a statement shared by Lucie recently, BONE burning was also drawn attention to, primarily attributed to the DAMN burn mechanism.

As reported by CoinGape Media earlier, the DAMN burn mechanism also incinerates BONE, Shibariums’s gas token, with each transaction on the network. This, collectively, mirrors the tokens’ price upswing, as SHIB & BONE supply deals with the blow with massive burns

SHIB & BONE Prices Spring

As of writing, the Shiba Inu token illustrated a 2.12% surge in the past 24 hours and is currently trading at $0.00002242. Whereas, the BONE Shibaswap token surged 2.28% in the past 24 hours and is currently resting at $0.5991.

Interestingly, the 24-hour high for Shiba Inu is $0.00002296, whereas the 24-hour high for BONE is $0.6048.

However, it's important to remember that the cryptocurrency market is ready for significant volatility before the halving, and past success is no guarantee of future results.