Why ShibaSwap’s limited listing remains a BONE of contention, details inside

• The Shibarium development team explained why BONE was not yet on several exchanges.
• Bears controlled the token’s momentum.

Lately, the Shiba Inu [SHIB] community has been questioning the development team’s commitment to improving the Shibarium project.  The team’s decision to restrict the listing of Bone ShibaSwap [BONE] was top of the list.

Realistic or not, here’s BONE’s market cap in SHIB’s terms

Since last year, the meme-based community was hyped by the Shibarium ecosystem development. But there has been a delay in launching the Mainnet, which was currently in Beta phase.

Furthermore, concerns were raised about the decision to limit the listing of BONE to only a few exchanges. This has caused a stir in the community. In fact, some asked if BONE’s contract addresses needed to be renounced in order to appear on major exchanges.

The cause of the hold-up

However, Shiba Inu developer who goes by the pseudonymous name “Ragnar Shib”, took to Twitter to clear the air on the matter.

According to him, the contract would not be renounced. This was because the token served as the gas for validating transactions performed on Shibarium.

There’s some FUD going on that the Bone contract needs to be renounced to be listed on major exchanges. (1/9)

— Ragnar Shib (@RagnarShiba) May 5, 2023

This implied that no transaction can be validated on Shibarium without BONE’s input. Additionally, Ragnar explained that several exchanges in the top 20 including OKX, Bitget, and Crypto.com had listed BONE.

He added that the reason why it was not yet on the desired exchanges was because others were waiting for the Shibarium Mainnet. Ragnar said,

“The real reason why some exchanges haven’t listed bone is mainly, because they are waiting for Shibarium to be tested more and to be launched in mainnet”

Meanwhile, the number of BONE addresses surpassed 14 million. And transactions within the network, which flatlined earlier, recovered, according to Puppyscan, the Bone ShibaSwap explorer.

Source: Puppyscan

BONE: In the grit to avoid gaining flesh

CoinMarketCap showed that BONE exchanged hands at $0.87 at press time. This represented a decrease of 7.24% in the last 24 hours. However, the Bollinger Bands (BB) showed that the token volatility was extremely low.

The one noticeable part of the indicator was the BONE price hitting the lower band. When the price of a cryptocurrency touches the lower band of the BB, it means that the asset was oversold.

Thus, there was a chance that BONE could break out in the short term if this point was confirmed as a buying opportunity zone.

But the momentum remained bearish based on the signals from the Moving Average Convergence Divergence (MACD). From the indicator, both the orange and blue dynamic lines were below the zero histogram mid-point.

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Since both lines were almost at the same spot, it implied that neither sellers nor buyers were in solid control.

Source: TradingView

In the interim, the Shiba Inu developer noted that the team was working on expanding the list of exchanges where BONE was listed. Addressing the concern, he disclosed,

“The Shib team is working to get Bone listed in the largest number of exchanges possible, to have a wider reach and make it available to help adoption”