Bone ShibaSwap (BONE) Theory: Could It Be the Top Runner of the Future?
- WBOYOriginal
- 2024-08-01 09:28:111150browse
Shiba ecosystem’s token, BONE ShibaSwap (BONE), has claimed its way up the charts of late. BONE price has garnered a lot of buzz over social media
Shiba Inu’s [SHIB] Bone ShibaSwap (BONE) has been garnering attention on social media, with many speculating on its future price movements.
On X, a trader and investor with a massive fan following known as @$SHIB KNIGHT speculated 5x gains to the $2.5 mark. The target set by the trader is equivalent to its all-time high ever, which he called a possible second wave pump (DYOR).
Lets delve and dig into some theory, where BONE could be the top runner of the future!
What is Bone ShibaSwap (BONE)?
ShibaSwap (BONE) is the governance token for Shibaswap DEX. BONE happens to have a cheap gas fee on Shibarium.
According to CoinMarketcap, 250 Million BONE is the max supply. Out of that, the floating supply is 229 Million BONE (91.97%).
As per Coincarp, the number of holders had grown massively by December 2023. However, in 2024, the growth is stagnating above 95K, where, as of writing, its holders count stands at 95482.
Similarly, the rich list signified that the top 100 holds the most of the floating supply with 66.34% in total, and the top 10 holds 43.43%. Meanwhile, the ace address among the list holds 9.61% standalone, and the richest address with the quantity he held was 24 Million.
On-chain Data
Based on Messari, the TVL has plummeted from a $39 Million peak to $20.82 Million, with a price.
Similarly, its Telegram user base has dipped from nearly 100K to the current 85.35K; despite a major drawdown, X followers stayed constant at 3.88 Million.
Per the Santiment chart, its active addresses have shaken its active addresses too. Where the 30-day average active addresses were 4203, which was above 12K 90 days back on April 1st.
BONE Price Analysis
BONE has been trapped in a falling wedge for a prolonged span, where the range is concentrated. It has recently taken support from the lower border of the wedge, and struggled near the 50-day EMA.
Once the price surpasses both EMAs, a long term bullish move would be anticipated. At press time, BONE was trading at $0.4788, with the market cap ranking of 343rd at $110.2 Million.
Conclusion
BONE price has been on a downhill since April 1, as on-chain metrics like active addresses and Telegram users also depicted a bearish trend. However, its X followers remained largely unaffected by the price dips.
With the price recently taking support from the lower boundary of the falling wedge and showing signs of recovery, some speculated that BONE could be set for a bullish rally. However, a breakout from the upper boundary would be necessary for a sustained uptrend to occur.
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