Bone ShibaSwap (BONE) memcoin
On the one hand, there is nothing "memetic" about Bone ShibaSwap token. It is simply a management token of a decentralized cryptocurrency exchange. There are dozens, if not hundreds, of such assets on the market, and Bone ShibaSwap stands out among them except for its name.
On the other hand, it is the managing token of the ShibaSwap exchange operating in the Shiba Inu memcoin ecosystem. That is, the "boring" and functional token BONE depends entirely on memcoin, and without Shiba Inu, by and large, no one will need it.
Bone ShibaSwap (BONE) functionality
The Shiba Inu token has been positioned as a "Dogecoin killer" from the beginning of its existence. One of the logical steps to successfully compete with the first memcoin was to create its ecosystem around the token. This ecosystem included:
- NFT,
- Shibanarium's proprietary scaling solution,
- decentralized crypto exchange ShibaSwap.
BONE is the control token of the latter.
The functionality of BONE is relatively standard for DEX token managers — it gives the right to vote on the development of the platform, adding new assets to the exchange and other aspects of DEX functioning. The more tokens a user has, the more weighty their vote is.
In addition, users can earn money from BONE staking, which can be done using one of two mechanics.
Users who "bury" their BONEs in BURY pools receive 1% of the regularly unfrozen tokens and put them into circulation. These new BONEs are distributed to the stakers in proportion to their contribution.
The alternative is DIG pools. Between users who have staked their tokens in these pools, 0.1% of all commissions in DAI and USDT on the platform are distributed.
In other words, except for specific mechanic names and ecosystem elements, the Bone ShibaSwap token is standard for the modern DeFi space.
Market history of Bone ShibaSwap (BONE)
The Bone ShibaSwap token has been trading since July 2021 and lacks stability or steady growth.
At the moment (end of November 2023), the price of BONE is $0.65 per token, and the market capitalisation is around $150 million. The total issue volume is 250 million tokens.
At the same time, the current values are lower than when Bone ShibaSwap entered the market. In July 2021, the token value was $0.95.
Bone ShibaSwap peaked at $3.2345 on 3 November 2021. Since then, the token has experienced several cycles of ups and downs (a new growth phase starts about once every six months), but each next up was somewhat weaker than the previous one, and the rate did not even approach the records of autumn 2021.
As of the end of November 2023, BONE continues a smooth decline in the rate, which began in late August. Even the news about the listing of Bone ShibaSwap on several major third-party crypto exchanges could not reverse the situation.
Prospects of Bone ShibaSwap as an investment asset
Even from a brief review of the trading history of Bone ShibaSwap, it is evident that it cannot be recommended as one of the key assets for investment. The token is not characterized by stability and does not demonstrate significant growth.
At the same time, it is necessary to note periodic bursts of trading activity and repeated periods of growth of the Bone ShibaSwap rate. That is, it can theoretically be of interest as a speculative asset.
Of course, we should also consider the connection between Bone ShibaSwap and the Shiba Inu memcoin ecosystem. As long as Shiba Inu is in demand and there is continued activity in its ecosystem, demand for Bone ShibaSwap is virtually guaranteed. And Shiba Inu is one of the top 20 cryptocurrencies on the market, so we can't expect a Bone ShibaSwap collapse in the foreseeable future.
Suppose you are interested in Shiba Inu as an investment or speculative asset or in one of the products of this memcoin ecosystem. In that case, Bone ShibaSwap will be a convenient, complementary asset, allowing you to extract more value from the "parent" token.