The ShibaSwap crypto exchange has been pretty successful since it launched in 2022. Cashing in on the popularity of the Shiba Inu (SHIB) memecoin, it has found a pretty devoted fanbase.
On August 1 2023, the platform announced that it was to release its supply of its native Bone ShibaSwap (BONE) token as the whole Shiba Inu ecosystem prepared for the launch of its Shibarium layer 2 scaling solution.
Matters were not made easier when Shibarium users found their transactions stuck as pending. The platform was able to fix these problems, but the token dropped by 35% in just one day. Investors may not have been reassured by Shiba Inu lead developer Shytoshi Kusama blaming fear, uncertainty, and doubt (FUD), rather than technical issues, for the problems.
But what is Bone ShibaSwap (BONE)? How does Bone ShibaSwap work? Let’s see what we can find out, and also take a look at some of the Bone ShibaSwap Price Predictions that were being made as of August 29 2023.
Let’s examine some of the Stellar price predictions being made on August 29 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex made a short-term Bone ShibaSwap price prediction that said it would fall to $0.8055 by October 3 before recovering to $0.9571 by October 28. The site’s technical analysis was bearish, with 16 indicators sending discouraging signals and 14 making bullish ones.
Bitnation said Bone ShibaSwap would get to $3.03 in 2025. DigitalCoinPrice thought it would reach $2.89. PricePrediction.net argued that BONE would trade at $4.31 in two years time.
Moving on to a more long-term Bone ShibaSwap price prediction, PricePrediction.net said it would reach $29.59. DigitalCoinPrice said the token would trade at $8.97. Bitnation made a BONE price prediction that said it would stand at $7.37 at the start of the next decade.
On August 28, Shibarium announced that its bridge – its way of withdrawing crypto from the platform – was fully operational.
In a blog post, Kusama said that it would take up to seven days to withdraw BONE.
He also thanked developers at Polygon (MATIC) for helping fix the problem. Shibarium is based on Polygon’s technology.
On September 16 , Shibarium confirmed the BONE minting and renouncing process.
Now, let’s examine the Bone ShibaSwap price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a Bone ShibaSwap price prediction.
When BONE came onto the open market in September 2021, it was worth what still stands as its record level, $41.67. The market soon thought it was overvalued, and it shot down to about $1 before recovering to a little over $3.20 in early November. It dropped again and closed the year at $1.57.
Although things were good for crypto in 2021, they went bad in 2022. However, although BONE suffered as the market suffered a string of collapses, it could have been far worse. Its end-of-year price of $0.8471 may have been down 46% year-on-year but, considering the overall crypto market’s decline of more than 60%, it was actually one of the year’s better performers.
The token has done relatively well in 2023, too. It surged to a little over $2 in late February. That said, it did drop again.
The United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase exchanges hit BONE. On June 10, following Crypto.com (CRO) suspending its US institutional operations, it fell to a low of $0.6764.
Since then, though, BONE has risen. As excitement about Shibarium grew, so did the price, which broke past the dollar in early July. By August 5, BONE was worth $1.80.
The token then dropped, and a slump became a crash when it fell from $1.73 on August 17 to $1.11 the following day. It recovered to $1.44 on August 24, but then entered a notable decline, falling below $0.80 in the middle of September before trading at about $0.85 on September 28 2023.
At that time, there were 229.9 million BONE in circulation out of a total supply of just over 230 million. This gave the token a market cap of about $199 million, making it the 130th-largest crypto by that metric.
BONE has been largely hovering the same sort of price range since August last year.
Having fallen below $0.80 earlier in September, it is possible that the price can continue to climb.
It could touch $0.89 before making another drop but, after that, it can break past the dollar and, potentially, reach as high as $1.80.
It is hard to say. The launch of Shibarium did not exactly go well. Not only that, but more astute investors may not be encouraged by any issues with the platform or the BONE token being blamed on fear, uncertainty and doubt. All too often, this has felt like a catch all excuse, with the implication being that holders can, in effect, wish the price of a failing crypto up.
Something else that might cause potential investors cause for concern is the lack of an official whitepaper. This lack of technical documentation could easily put people off buying BONE and, instead, take their money elsewhere.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in BONE.
No one can really tell right now. While the Bone ShibaSwap crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Bone ShibaSwap, you will have to do your own research, not only on BONE, but on other, related, coins and tokens such as Uniswap (UNI) or Curve DAO (CRV). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
One of the most important concepts in crypto is that of the crypto exchange. Since cryptocurrency does not have an intrinsic value, having somewhere they can be bought, sold, or traded helps to set a price.
Decentralized Exchanges, or DEXes, were created to address potential issues with traditional, centralized exchanges (CEXes). Rather than be limited to what a centralized authority says can and cannot be listed, people are able to trade whichever crypto they want for whatever crypto they want at a price set by the market.
ShibaSwap , based on the Ethereum (ETH) blockchain is one of many decentralized exchanges out there. Founded in 2021 by the team behind the Shiba Inu (SHIB) crypto, it is supported by the Bone ShibaSwap (BONE) crypto token.
The ShibaSwap decentralized exchange works in the same sort of way as most other DEXes. Rather than have an order book, the platform uses liquidity pools to set prices and facilitate trades.
In terms of BONE itself, it is used to help the system function. People can use it to provide liquidity. BONE can be staked, or set aside, in return for rewards. Holders have the right to vote on changes to the network, and BONE can also be bought, sold, and traded on exchanges.
Because the ShibaSwap DEX is based on Ethereum, BONE is a token, not a coin. You might see references to such things as a Bone ShibaSwap coin price prediction, but these are wrong.
On September 28 2023, there were 229.9 million BONE in circulation out of a total supply of just over 230 million.
It might do, but not for a while. PricePrediction.net says it should get there in 2028, while DigitalCoinPrice says it will reach double figures in 2031.
Keep in mind that, although BONE was initially valued as being worth substantially more than $10 when it launched in September 2021, it has not traded at that level since then.
BONE is used to help fund liquidity pools on the Bone ShibaSwap decentralized exchange. Holders can vote on changes to the network, and it can also be bought, sold, and traded on exchanges.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.