Shiba Inu’s BONE Tumbles 31% as Crypto.com Adds CRO/BONE

Shiba Inu’s BONE struggles to keep above the crucial support line as Shibarium receives a new chain ID.

Shiba Inu walking in a green field smiling at a big tasty BONE as lightning emerges in the background.
  • Shibarium’s Bone ShibaSwap (BONE) plunged by 31% in two weeks.
  • Crypto.com becomes one of the largest $BONE holders, with $2.66M added.
  • Shiba Inu recently launched the Shibarium Public Beta ‘puppynet.’

The popular memecoin Shiba Inu (SHIB) has had plenty of new developments since last month, as SHIB: The Metaverse was finally unveiled at this year’s SXSW conference, and Shibarium’s Public Beta went live on the blockchain. After the Shibarium code controversy, the highly-anticipated Layer-2 solution finally received a unique ID Chain number today and now awaits the whitepaper.

However, the #15 ranked memecurrency has barely moved since last week, even though the canine coin shows a slightly bullish tendency with 5% gains in the last 14 days. 

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The other crypto in the Shiba Inu Ecosystem, Bone ShibaSwap (BONE), has been on a downward slope throughout the month and lost a whopping 39.6% in the last 30 days.

Meanwhile, as the large Shiba Inu community awaits documentation from Shytoshi Kusama and the developer team, Crypto.com, the fifth largest cryptocurrency exchange, added more $BONE to their treasury, mimicking the actions of the TOP 100 Ethereum whales.

Crypto.com Shows Continuous Support for BONE

The American crypto platform Crypto.com has historically been one of the most supportive of SHIB. As revealed late last year, Crypto.com holds around 20% of total reserves in Shiba Inu – an unusually high percentage for a major crypto exchange.

On top of that, the industry heavyweight recently added the option to conduct deposits and withdrawals via Cronos (CRO), the platform’s native cryptocurrency. The possibility to trade Cronos against Bone ShibaSwap comes after numerous requests by the Shiba Inu community, popularly known as the SHIB Army, to list the token.

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While Crypto.Com hears the strong voice of SHIB Army, it’s evident that the new listing pair wasn’t sufficient for $BONE to break out from the protracted monthly descent. At press time, the #162 ranked Shibarium’s governance token, $BONE, is priced at $1.08, according to CoinGecko.

Ultimately, while the key support line of $1 has been held since January 5th, 2023, Shibarium’s gas fee token is dangerously close to losing the price range if the bearish trend persists longer.

On the Flipside

  • Despite the month-long decline in market value, Bone ShibaSwap grew by 1.84% in Net Network Growth, according to the crypto analytics tool IntoTheBlock.
  • This means that the underlying network registered a growing number of wallet addresses, which is usually deemed a long-term bullish signal.

Why You Should Care

Both cryptocurrencies by Shiba Inu are constantly growing in total wallet numbers, gaining traction on social media, and making the list of most-watched cryptos in 2022.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.