The native token of the Shibarium protocol, BONE, could be one of the biggest beneficiaries as the SHIB ecosystem eyes a much-awaited recovery. Today, Indodax, the top crypto trading platform in Indonesia, announced the listing of BONE which caused excitement within the SHIB ecosystem.
Interestingly, the BONE token has no trading pair, and interested buyers can only acquire the token directly from the Indodax IDR marketplace. Indodax has advised its prospective BONE buyers to maintain basic buy-and-sell strategies to safeguard their capital, although volatility still counts.
The Rise & Fall of BONE
After the announcement of BONE’s listing, the price of the token surged by 5.45% to $0.7829. This price action is similar to previous exchange listings achieved by BONE.
For example, BONE soared by 4.24% in mid-November when it landed on the StealthEx platform. BONE has often showcased minimal volatility concerning mega exchange listings, similar to the growth of Shiba Inu at one point in time.
Bone ShibaSwap has achieved listings on exchanges serving different markets around the world. Besides being available to traders in Indonesia, top Australian trading platform GroveX also listed BONE as of September 2023.
In recent times, other mainstream SHIB ecosystem tokens, including LEASH, have also achieved related listings. These broad-based inclusions on exchanges align with the new goals of lead developer Shytoshi Kusama, who has unveiled plans to drive the global adoption of the protocol and its ecosystem innovations in mega “partnerships.”
BONE Price Technical Analysis
Bone ShibaSwap was released in 2021 for the Shiba ecosystem. However, it failed to match Shiba Inu’s performance in 2023. This resulted in a decline of 43.79% and an additional 31.59% over the last month.
The crash was triggered by a general market correction, and Bone ShibaSwap was hit harder than most projects, resulting in a dramatic decrease in its daily trading volume, which hit just $7 million on January 8th.
Experts are now bearish about Bone ShibaSwap, despite announcing new listings on its platform, and the latest predictions suggest it could fall below $0.6. At the time of writing, Bone ShibaSwap was trading at $0.6205 and was down 2.6% in 24 hours.
As Bone ShibaSwap’s price continues to fall, investors are selling BONE tokens and picking up $MGLS, hoping to capitalize on expected 100x returns in 2024. At the press time, the BONE price is trading at the level of $0.5627. The bears have broken the critical support level of $0.6103.
Summary
BONE price surged by 5.45% after the listing announcement, this aligns with Shytoshi Kusama’s plans for global adoption. However, BONE was hit hard during a market correction, resulting in a dramatic decrease in daily trading volume. Despite new listings, experts predict BONE could fall below $0.6.
Technical Levels
- Support Levels: $0.5454 and $0.2994
- Resistance Levels: $0.9169 and $0.1.15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
Source: https://www.thecoinrepublic.com/2024/01/31/shibarium-protocol-bone-token-broke-a-major-support-level/