- BONE lost its spot on the list of the top 100 cryptocurrencies by market capitalization.
- SHIB, on the other hand, looked bullish, as per its on-chain metrics.
Bone ShibaSwap [BONE], a token in the Shiba Inu [SHIB] ecosystem, was in the limelight recently for entering the list of the top 100 cryptocurrencies in terms of market capitalization.
The hype around the token got a further push on 2 March after Crypto.com (a cryptocurrency platform) announced that it had listed BONE on its platform.
#Bone #Shibarium
Big Surprise !
One of the largest exchanges in the world and the sponsor of the 2022 World Cup add $bone. Congratulations. . . https://t.co/xOJPQ7FYTx— BoneShibaSwap (@BoneShiba) March 2, 2023
Well, it was a promising development since it implicitly stated that the broader crypto industry was accepting it as a mainstream token.
However, BONE’s rank kept declining, and at press time it was at the 104th position in the market cap table. You might ask- If BONE’s achievement of making it to the top 100 list was just a result of the hype around the Shiba Inu ecosystem. Or, were there other factors at play?
Read Bone ShibaSwap’s [BONE] Price Prediction 2023-24
More meat to the story
CoinMarketCap’s data revealed that BONE did not have a comfortable week as its price registered a decline of more than 19% in the last seven days.
At press time, it was trading at $1.58 with a market capitalization of over $363 million. Interestingly, though BONE’s price declined, its on-chain performance was commendable on several fronts.
For instance, gas used by the BONE contract went up in the last few weeks, which represented its increased usage. This was quite contrary to that of LEASH, which is another token in the Shiba Inu ecosystem.
Source: Dune
Here is some unpleasant news
Despite an increase in adoption, BONE’s overall health doesn’t seem to be in a good state. Consider this- a look at BONE’s exchange flows suggested that the market was bearish.
BONE’s exchange inflow spiked in the last few days, whereas the exchange outflow declined, which is an update in the sellers’ favor.
Moreover, whales’ confidence in BONE also seemed to have declined. In fact, the supply held by top addresses decreased over the last week.
Source: Santiment
Realistic or not, here’s BONE market cap in BTC‘s terms
Should SHIB investors be worried?
For context, SHIB registered a similar price decline due to the current bearish market sentiment. At press time, the meme coin was down by more than 4% in the last 24 hours and was trading at $0.00001141 with a market capitalization of over $6.2 billion.
However, things might soon turn in favor of SHIB traders in the days to come. Shytoshi announced an upcoming event for Shiba Inu Metaverse, which can help improve the market sentiment around the token.
Woof! So excited to see the Shiba Inu team at #SXSW2023 for the https://t.co/klp5m8DaQL #Metaverse alpha experience! Will you be there? pic.twitter.com/6FNMITMLV2
— Shytoshi™ (@ShytoshiKusama) March 2, 2023
Besides, CryptoQuant’s data revealed that SHIB’s Relative Strength Index (RSI) was in an oversold zone, which can increase buying pressure and result in a price hike. But at the same time, the possibility of trend reversal can’t be ruled out.
Moreover, it was found that SHIB’s net deposits on exchanges were low compared to the 7-day average. Thus, suggesting less selling pressure.
Source: CryptoQuant
