- The yearly inflation rate of the crypto is negative.
- The BONE crypto trading price is down by 93% from its all-time high.
Bone ShibaSwap is the governance token for ShibaSwap, the decentralized exchange of the Shiba Inu ecosystem. Led by the team behind Shiba Inu (SHIB), it enables voting on proposals and access to future NFTs. BONE’s uniqueness lies in its role within the metaverse platform, aiming to create the most decentralized ecosystem.
The market cap of the Bone ShibaSwap has advanced by 21.2% and the trading volume of the crypto has also advanced by 48.01% in the last 24 hours. This is followed by a market cap of $238.18 Million and the market cap ranking of the crypto is #288.
The value for the traded volume of the crypto is $28.26M while the volume/market cap ratio of the crypto is 11.93%. Moreover, the market cap dominance of the Bone ShibSwap token is 0.01% and the volatility of the crypto is extremely high resulting in 26.92%.
Moreover, the token was released on July 7, 2021, and the sentiment of the crypto is bullish. Also, the fear and greed index indicates extreme greed among the traders.
Bone ShibSwap Token Supply Overview
The circulating supply of the token is 91.97% of the max supply of the crypto resulting in 229.923 Million. The total supply of the crypto is 249.99 Million BONE followed by a maximum supply of 250.0 Million BONE.
The fully diluted market cap of the BONE token is $259.327 Million and the Onchain market cap of the token is $255.499 Million.
Bone ShibSwap Token Derivatives Analysis
The derivatives trading volume has witnessed a huge surge of 253% in just the last 24 hours resulting in a huge advance of 240% in the open interest of the crypto. The value of the derivatives traded volume for the token in the last 24 hours is $12.83 M.
Moreover, the long liquidation recorded for the token is worth $21.47K and the short liquidation for the crypto is $28.62K.
Negative Sentiment Vs Positive Sentiment Vs Weighted Sentiment
The negative sentiment and the positive sentiment, both for the crypto are consistently declining, indicating a decline in the social presence of the crypto. Despite this, the weighted sentiment of the crypto is static, presenting no significant activity in the crypto price.
BONE Crypto Technical Analysis
The trading price of the BONE token is consistently facing rejection at a dynamic trendline resulting in the formation of a wedge pattern. The price of the token is still revolving inside the same witnessing huge volatility in the trading price.
If the trading price of the BONE breaks above the dynamic trendline and sustains above the same, further advance in the trading price of the crypto can be witnessed.
BONE/USD Chart by TradingView.com
A fresh golden cross of the 50 and the 200-Day EMAs is formed on the daily chart of the crypto. The price has also advanced above the EMAs after retracing to the 50 and the 200-Day EMAs.
The MACD indicator further is strong as both the lines are trading above the zero level while the signal line has crossed above the MACD line indicating a short-term decline.
The RSI has declined below the 14-Day SMA but has sustained above the 50-level followed by a bullish cycle. Thus, on the lower timeframes, the price of the crypto is bullish while a break out above the wedge pattern on the larger timeframe in the crypto price.
Summary
Despite recent volatility, Bone ShibaSwap maintains a bullish sentiment, with trading volume and market cap increasing. The token’s governance role within the Shiba Inu ecosystem adds value.
Technical analysis suggests a potential for a bullish breakout, especially if the price sustains above dynamic trendlines, supported by indicators like a golden cross and strong MACD.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.