The Shiba Inu ecosystem's governance token, BONE, associated with the ShibaSwap DEX, has seen a significant increase of over 100% since mid-June. This surge is largely due to the growing anticipation surrounding the launch of Shibarium, the Shiba Inu ecosystem's mainnet.

After reaching a yearly high of $2.1092 on February 21, BONE experienced a steep fall, hitting a low of $0.6650 on June 10. However, the token quickly bounced back, regaining its lost value. The rally began on June 12, and despite the continuous upward trend, BONE failed to reach the $1 mark throughout June. Nevertheless, it ended the month at an impressive $0.9317.

The upward trend continued into July, with BONE finally surpassing the $0.98 resistance and reaching $1 on July 3, a price it hadn't seen in three months. The momentum was further fueled by the announcement of the Shibarium launch.

Shytoshi Kusama, the Shiba Inu community leader, revealed in a blog post on July 6 that Shibarium would be launched in August at the Blockchain Futurist Conference in Canada. This announcement further boosted BONE's rally.

As of July 8, BONE had reached a 4-month high of $1.4900. Despite facing resistance at this price point, the token embarked on another rally, soaring to $1.4423. Currently, BONE is priced at $1.4220, marking a 110.51% increase from the June 12 low of $0.6755.

BONE managed to break above the 50-day exponential moving average (EMA) in late June during the rally. This upward trend led to a break above the 200-day EMA on July 6, the day of the Shibarium launch announcement. Currently, BONE trades comfortably above the 50-day EMA ($1.1207) and the 200-day ($1.0578), indicating bullish prospects for the token in the near and long term.

As the rally continues, BONE has formed a golden cross on the daily timeframe, a bullish signal when a shorter moving average crosses above a longer moving average. The 50-day EMA recently broke above the 200-day EMA on the 24-hour chart. The last two times this cross occurred, in January this year and August last year, BONE experienced significant rallies.

The most recent cross occurred on July 17, sparking optimism for a similar run. Currently, BONE faces two key Fibonacci resistance points before reaching the $2 price. The token must surpass the resistance at $1.49 before attempting to break above the $1.6870 barrier at Fib. 1.618.