Bone ShibaSwap Price Prediction 2024: BONE Price Analysis

Key Takeaways

• The ShibaSwap crypto exchange, powered by the Bone ShibaSwap (BONE) token, is the DEX of the Shiba Inu ecosystem.
• The BONE price has fallen significantly in 2024 and is approaching its all-time low.
• Our Bone ShibaSwap price predicitons suggest the price will bounce soon.

The ShibaSwap crypto exchange, launched in 2022, has built a devoted fanbase by using the popularity of Shiba Inu (SHIB). On August 1, 2023, the platform announced the release of its Bone ShibaSwap (BONE) token supply in anticipation of the Shibarium layer 2 scaling solution launch.

Shibarium launched on August 16, but a market crash the next day, triggered by Elon Musk’s SpaceX selling Bitcoin and rising US Government bond yields, caused BONE to drop by 35%. Transaction issues on Shibarium exacerbated the decline, despite reassurances from lead developer Shytoshi Kusama.

In 2024, while the average crypto price more than doubled, BONE’s price fell. However, an increase in active users might offer hope for the future.

On July 4 2024, BONE was worth about $1.09.

Bone ShibaSwap did not respond to a request for comment. 

Let’s take a look at our own BONE price prediction, made on July 4, 2024. We’ll also examine the BONE price history, and we will talk a little about what BONE is and what it does.

Bone ShibaSwap Price Prediction

There are two methods used to create our Bone ShibaSwap price predictions. More specifically, predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two predictions gives the average Frax Share price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.

It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.

Fractal Method

The three-day RSI for BONE has fallen to 30 three times in its history (green icons). Shortly afterward, the price broke out from a descending resistance trend line. These resistance trend lines had varying durations between 117 and 233 days. Shortly after the breakout, the 3-day MACD moved into positive territory (red icons), leading to an upward movement of varying length and magnitude.

In 2024, BONE has fallen under a descending resistance trend line for the past 120 days. Additionally, the 3-day RSI is approaching 30. If the previous pattern is followed, BONE will break out from the resistance trend line after 183 days, which is the average of the three previous trend lines.

Then, the price can begin a 120-day upward movement with a magnitude of 193%, found by the average of the three previous upward movements.

This leads to a Bone ShibaSwap price prediction of $0.95 for the end of 2024. Projecting a similar pattern of upward and downward movements gives a target of $0.62 at the end of 2025.

Wave Count Method

The wave count method implies that BONE started a five-wave increase (white) in April 2022, culminating with a high of $2.39 in August. Since then, it has been mired in a complex W-X-Y-X-Z corrective structure, contained inside a descending parallel channel.

If the count is accurate, the correction will end soon, leading to another upward movement. It is not certain yet if the ensuing increase will be a wave three or wave C in a larger A-B-C structure.

In any case, if it has the same length as duration as the previous one, it will end at a high of $3.02 in February 2025. This method gives a Bone ShibaSwap price prediction of $1.46 at the end of 2024.

Then, projecting a similar correction leads to a target of $2.21 at the end of 2025.

Finally, we use the rate of increase or decrease for the past two years to make a Bone ShibaSwap price prediction for the end of 2030. In the past two years, BONE has increased by only 10%.

If the same rate of increase continues, it leads to a price of $0.71 at the end of 2030. Adding and removing 20% to this target gives the minimum and maximum price predictions.

Bone ShibaSwap Price Prediction for 2024

The wave count and fractal Bone ShibaSwap price predictions give relatively similar target for the end of 2024. The wave count is higher at $1.46, while the fractal predicts a price of $0.95. In both methods, the BONE swap will be nearing the end of its upward movement. So, it is only its magnitude which changes.

Bone ShibaSwap Price Prediction for 2025

The wave count and fractal Bone ShibaSwap predictions for the end of 2025 are completely different. This is because the correction is predicted to be much sharper in the fractal method compared to the wave count one. This leads to targets of $0.62 and $2.21, respectively.

Bone ShibaSwap Forecast for 2030

The Bone ShibaSwap price prediction for the end of 2030 uses the current rate of increase. A price between $0.57 and $0.85 is likely if a similar rate of increase continues for the foreseeable future.

Bone ShibaSwap Price Analysis

The daily time frame BONE price outlook is bearish for several reasons. Firstly, the price has fallen under a descending resistance trend line since its yearly high on March 5. Then, BONE broke down from the $0.55 horizontal support area, which had existed for the entirety of 2024.

So, the BONE trend is likely bearish as long as the price does not break out from the trend line and reclaim the $0.55 area.

The daily RSI and MACD are both falling and neither has generated any bearish divergence. The most likely outlook is the continuing of the decline toward the 1.61 external Fibonacci retracement of the previous increase at $0.36.

Short-Term BONE Price Prediction

The Bone ShibaSwap price prediction for the next 24 hours is based on the assumption that the downward movement will continue toward the $0.36 Fibonacci support. If the decline continues, the BONE price can be trading lower in the next 24 hours, possibly being at $0.43.

Then, the BONE price could fall to the $0.36 support by the end of next week.

BONE Average True Range

The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.

Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels. On July 4 2024, BONE’s ATR was 0.03, implying low volatility. The ATR has been declining since March, when it was at 0.15. The ATR is roughly 1/3 of the price.

BONE Market Cap to TVL Ratio

The Total Value Locked (TVL) to market cap ratio (TVL ratio) measures the valuation of a decentralized finance (DeFi) project by comparing its market capitalization to the total value of assets locked in its smart contracts. This ratio shows the project’s utilization and links the platform’s health to the value of locked assets.

A ratio above 1.0 indicates overvaluation because the market cap exceeds the value of assets used in the platform. A ratio below 1.0 indicates undervaluation because the market cap is lower than the value of locked assets. On July 4, 2024, the BONE TVL ratio was 5.63, indicating significant overvaluation.

BONE Relative Strength Index (RSI)

The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish. On July 4, 2024, the Bone weekly RSI was at 37, indicating a bearish trend but not oversold conditions.

Bone ShibaSwap Price Performance Comparison

BONE is the governance token of ShibaSwap, the decentralized exchange built buy the founders of Shiba Inu. So, let’s compare it with other governance tokens for decentralized exchanges.

BONE Price History

Let’s take a closer look at Bone ShibaSwap’s price history. While past performance isn’t necessarily indicative of future results, understanding what Bone ShibaSwap has done can help us contextualize future predictions.

2021: Bone ShibaSwap (BONE) entered the open market in September 2021 at $41.67, its all-time high. The market soon deemed it overvalued, causing a drop to about $1 before recovering to over $3.20 in early November. It then declined again, closing the year at $1.57.

2022: Despite the broader crypto market suffering significant losses, BONE’s performance was relatively better. The token ended the year at $0.8471, down 46% year-on-year, compared to the overall market’s decline of more than 60%.

2023: BONE had a largely unimpressive year. It surged to over $2 in late February but fell afterwards. The SEC’s lawsuits against Binance and Coinbase in June led to a low of $0.6764 following Crypto.com (CRO) suspending its US institutional operations. However, excitement about Shibarium helped BONE recover, breaking past $1 in early July and reaching $1.80 by August 5. The token then dropped again, crashing from $1.73 on August 17 to $1.11 the next day, and after a brief recovery to $1.44 on August 24, it closed the year at $0.6806, down nearly 20% while the overall market more than doubled.

2024: BONE has corrected in 2024, falling over 35%. The BONE price reached a new yearly low of $0.44 today on July 4. This is the lowest price since May 2022.

Bone ShibaSwap Market Cap

The market capitalization, or market cap, is the sum of the total number of BONE in circulation multiplied by its price. On July 4, 2024, BONE’s market cap was $112 million, making it the 359th-largest crypto by that metric.

Who Owns the Most Bone ShibaSwap (BONE)

As of July 4, 2024, the five wallets that own the most BONE tokens  are:

• 0x65218a41fb92637254b4f8c97448d3df343a3064 – This wallet owns 22,922,985 BONE tokens, which is 9.17% of the supply.
• 0xf585c66975211a19d12bbed9ab6f080d180509a0 – This wallet owns 22,922,985 BONE tokens, which is 8.00% of the supply.
• 0x3cc936b795a188f0e246cbb2d74c5bd190aecf18 – This wallet owns 22,922,985 BONE tokens, which is 5.31% of the supply.
• 0x6cc5f688a315f3dc28a7781717a9a798a59fda7b – This wallet owns 22,922,985 BONE tokens, which is 4.87% of the supply.
• 0xf7a0383750fef5abace57cc4c9ff98e3790202b3 – This wallet owns 22,922,985 BONE tokens, which is 3.69% of the supply.

BONE Supply and Distribution

Bone ShibaSwap (BONE) Explained

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.

How Bone ShibaSwap Works

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. 

Some projects in the Shiba Inu ecosystem have mechanisms to burn BONE  during their operational processes. Also, ShibaSwap might implement BONE burns in its reward systems.

Is Bone ShibaSwap a Good Investment?

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.

Will Bone ShibaSwap go up or down?

Our BONE price predictions all suggest either modest growth or further consolidation. . Additionally, the short-term BONE price prediction is bearish, since the price broke down from a horizontal support area and is close to an all-time low.

Should I Invest in Bone ShibaSwap?

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.

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About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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