Bone serves as the governance token for the ShibaSwap decentralized trading platform, endowing its holders with the power to influence decisions through voting. Known collectively as the Shib Army, the Shiba Inu community utilizes BONE to partake in the decision-making process, propose changes, and gain access to upcoming non-fungible tokens (NFTs).
The influence of a user’s vote correlates directly with the quantity of BONE tokens they possess.
Within the Shiba Inu ecosystem, which also encompasses tokens like Shiba Inu (SHIB) and Doge Killer (LEASH), BONE is an Ethereum-based asset. The Shiba Inu platform boldly positions SHIB as a contender to Dogecoin (DOGE), branding it as a potential “DOGE killer.” This claim is bolstered by its status as the second most prominent canine-themed meme cryptocurrency in the market.
ShibaSwap’s debut on July 7, 2021, marked a significant milestone, enabling users to exchange their SHIB tokens for a variety of other cryptocurrencies. BONE plays a pivotal role in this environment, acting as a conduit within the ecosystem.
On the ShibaSwap platform, those holding SHIB tokens can contribute to the liquidity pool and, in return, receive BONE tokens as a form of reward. The rewards that users can earn are contingent upon both the volume and the length of time for which they stake their tokens.
Social Dominance Vs Social Volume Of Bone ShibaSwap
According to Santiment, the engagement of crypto enthusiasts is reflected in the advancing social volume of BoneShibaSwap. Additionally, the social dominance of crypto is also increasing over time.
Technical Analysis Of BONE Crypto Price
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Bone crypto chart displays a death cross of the 50-day and the 200-day EMAs while its price falls steadily. Moreover, the crypto is below the following EMAs, and its price is persistently falling.
The bearish sentiment is supported by the MACD indicator as both the MACD and the signal line are below the zero level. In addition, the following metrics are in bearish cross.
The RSI is continuously dropping to lower levels after getting rejected by the 14-day SMA. The crypto has decreased below the 50 level and is now trading at a level of 36.86, indicating a bearish momentum in its trading price.
Bone ShibaSwap is facing significant challenges due to higher short liquidations and a 96% decline from its all-time high. Despite its governance role in ShibaSwap, BONE’s market sentiment is bearish and is reflected through declining technical indicators such as the death cross and MACD. With strong profit booking and reducing RSI, further downside appears to be likely.
Summary
Bone crypto’s price, which is currently experiencing bearish momentum, as indicated by several technical indicators such as the death cross, MACD, and RSI. Bone serves as the governance token for the ShibaSwap decentralized trading platform, giving its holders the power to influence decisions through voting. However, despite its governance role, BONE’s market sentiment is bearish, and it is facing significant challenges due to higher short liquidations and a 96% decline from its all-time high. The article suggests that further downside is likely.
Technical Levels:
Support Levels: $0.405 and $0.5310
Resistance Levels: $1.670 and $2.390
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.
Amanda Shinoy
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
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