• Bone ShibaSwap [BONE], a token in the Shiba Inu [SHIB] ecosystem, was recently in the limelight for entering the list of the top 100 cryptocurrencies by market capitalization.
• Despite its achievement, BONE’s rank has continuously declined and at press time it is at 104th position.
• Though BONE’s price declined, its on-chain performance looked bullish but its overall health doesn’t seem to be in a good state.
Bone ShibaSwap’s [BONE] Recent Performance
Bone ShibaSwap [BONE], a token in the Shiba Inu [SHIB] ecosystem, was recently in the limelight for entering the list of the top 100 cryptocurrencies by market capitalization. Crypto.com (a cryptocurrency platform) announced that it had listed BONE on its platform, which further pushed up hype around it. However, BONE’s rank kept declining, and at press time it was at the 104th position in terms of market capitalization with a price of $1.58 and a market cap of over $363 million.
On-Chain Metrics
CoinMarketCap’s data revealed that despite BONE’s declining price, its on-chain performance looked bullish on several fronts; gas used by BONE contract went up in past few weeks which represented increased usage and whales‘ confidence also seemed to have increased as supply held by top addresses decreased over last week.
Exchange Flows
A look at BONE’s exchange flows suggested bearish behaviour – exchange inflow spiked while exchange outflow decreased which is an update in sellers‘ favor.
SHIB Investors’ Worry?
SHIB registered similar price decline due to bearish market sentiment however it seems unrelated to Bone ShibaSwap’s declining rank despite both being part of same ecosystem – SHIB investors don’t need to worry about this development as far as their investment is concerned.
Conclusion
Overall, Bone ShibaSwap [BONE] achieved remarkable feat of making into crypto industry mainstream however due to various factors such as bearish exchanges flows and weak overall health its ranking has been steadily decreasing since then and currently stands outside top 100 cryptos by market cap table