• Bone ShibaSwap [BONE] was recently in the limelight for entering the list of the top 100 cryptocurrencies by market capitalization.
• However, BONE’s rank has since declined and its on-chain metrics looked bullish.
• Despite increased adoption, the token’s overall health doesn’t seem to be in a good state.
Bone ShibaSwap [BONE] Enters Top 100 Cryptos By Market Cap
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 in terms of market capitalization. Crypto.com announced that it had listed BONE on its platform which further pushed up hype around the token.
BONE Loses Spot; On-Chain Metrics Bullish
Unfortunately, BONE’s rank kept declining and at press time it was at 104th position in market cap table. CoinMarketCap’s data revealed that BONE price declined by more than 19% over last seven days and trading at $1.58 with a market capitalization of over $363 million. However, its on-chain performance was commendable as gas used by BONE contract went up and usage increased significantly compared to LEASH (another token in same ecosystem).
Bearish Sentiment; Whales‘ Confidence Declines
A look at BONE’s exchange flows suggested bearish sentiment as exchange inflow spiked while outflow decreased (update in sellers favor). Moreover, whales‘ confidence also seemed to have declined as supply held by top addresses decreased over last week.
Bone Market Cap In BTC Terms
SHIB registered similar price decline due to bearish market sentiment but investors should not worry unnecessarily as broader crypto industry is accepting tokens like Bone into mainstream fold which could bring huge gains down line if adopted widely
In conclusion, despite Bone ShibaSwap losing ranking among top cryptos by market cap, its on-chain metrics are looking bullish with increasing adoption from broader cryptocurrency community which brings positive implications for long term holders who can expect huge gains if tokens like Bones get widespread acceptance