Crypto.com welcomes BONE, but here’s what followed the listing

by Arthur · March 3, 2023

BONE lost its place on the list of the top 100 cryptocurrencies by market capitalization.
SHIB, on the other hand, looked bullish according to the on-chain metrics.

Bone ShibaSwap [BONE]a token i Shiba Inu [SHIB] ecosystem, was in the limelight recently for entering the list of top 100 cryptocurrencies in terms of market cap.

The hype around the token received a further boost on March 2 after Crypto.com (a cryptocurrency platform) announced that it had listed BONE on its platform.

#Leg #Shibarium
Big surprise!
One of the largest stock exchanges in the world and the sponsor of the 2022 World Cup $bones. Congratulations. . .

— BoneShibaSwap (@BoneShiba) March 2, 2023

Well, it was a promising development since it implicitly stated that the wider crypto industry accepted it as a common token.

However, BONE’s ranking continued to decline, and at press time it was 104th in the market capitalization table. You may ask: If BONE’s achievement of making the top 100 list was just a result of the hype surrounding the Shiba Inu ecosystem. Or were there other factors at play?

Read Bone ShibaSwap’s [BONE] Price prediction 2023-24

Table of Contents

More meat to the story

CoinMarketCap’s data revealed that LEG did not have a pleasant week as the 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, although BONE’s price fell, the performance of the chain was commendable on several fronts.

For example, gas used by the BONE contract increased in recent weeks, representing increased usage. This was quite the opposite of LEASH, which is another symbol in the Shiba Inu ecosystem.

Source: Dune

Here is some unpleasant news

Despite an increase in adoption, BONE’s overall health does not appear to be in good shape. Consider this – a look at BONE’s currency flows suggested that the market was bearish.

BONE’s stock market entry increased in recent days, while stock market exit decreased, which is an update in favor of the sellers.

Moreover, the whales’ trust in BONE also appeared to have decreased. In fact, the supply of prime addresses has decreased in the last week.

Source: Sentiment

Realistic or not, here it is BONE market value in BTCits terms

Should SHIB investors be worried?

For context, SHIB recorded a similar price decline due to the current bearish market sentiment. At press time, the meme coin was down more than 4% in the last 24 hours and was trade to $0.00001141 with a market cap of over $6.2 billion.

However, things may soon turn in favor of SHIB traders in the coming days. Shytoshi announced an upcoming event for the Shiba Inu Metaverse, which could help improve market sentiment around the token.

Whew! So excited to see the Shiba Inu team at #SXSW2023 for #Metaverse alpha experience! Do you want to be there? pic.twitter.com/6FNMITMLV2

— Shytoshi™ (@ShytoshiKusama) March 2, 2023

Also, CryptoQuant’s data revealed that SHIB’s Relative Strength Index (RSI) was in an oversold zone, which could increase buying pressure and result in a price increase. But at the same time, the possibility of a trend reversal cannot be ruled out.

Moreover, it was found that SHIBNet deposits on exchanges were low compared to the 7-day average. Thus suggesting less selling pressure.