- Bone ShibaSwap [BONE] was recently in the limelight as it entered the list of top 100 cryptocurrencies by market capitalization.
- However, BONE’s rank has since declined and is currently at the 104th position.
- BONE’s on-chain metrics suggest that its adoption has increased, but its price is declining and whales‘ confidence in the token is waning.
Bone ShibaSwap [BONE] Price Analysis
Bone ShibaSwap [BONE], a token in the Shiba Inu [SHIB] ecosystem, was recently celebrated for entering the list of the top 100 cryptocurrencies in terms of market capitalization. The hype around this token got a further push when Crypto.com announced that it had listed BONE on its platform. However, BONE’s rank has since declined and is now at the 104th position in terms of market capitalization.
CoinMarketCap’s data reveals that BONE has not had a comfortable week as its price registered a decline of more than 19% over the past seven days. At press time, it was trading at $1.58 with a market capitalization of over $363 million. Despite this price dip, BONE’s on-chain metrics have been commendable over recent weeks including an increase in gas used by its contract which implies increased usage for this token.
A look at BONE’s exchange flows suggests that the overall sentiment towards this asset is bearish. Exchange inflow for BONE spiked while exchange outflow declined which indicates an advantage to sellers rather than buyers. Additionally, whales’ confidence in BONE appears to have decreased as supply held by top addresses went down last week.
Price Prediction 2023-24
As per CoinCodex’s Bone ShibaSwap [BONE] Price Prediction 2023-24 report, experts anticipate that BONE’s price will go up to $3 during 2023 and reach $5-$6 mark by 2024 if everything goes fine with SHIB adoption rate increasing significantly during next months and years to come.. However, given current bearish sentiments related to SHIB investors might be worried about their investments going forward.