What’s the buzz about Bone ShibaSwap (BONE) crypto?

Highlights

• Even if Bitcoin is falling, a few altcoins, no matter the market cap, may still trade in green
• BONE crypto is claimed to be the governance token of ShibaSwap DeFi platform
• BONE has gained recently in price terms, but it has yet to become profitable on a YTD basis

It is quite possible for a bunch of altcoins to trade in the green despite Bitcoin witnessing a decline. In the stock market as well, not all scrips trade at a gain or at loss simultaneously. Though cryptos are not stocks, many experts are of the view that both markets may have some correlation.

At a time when BTC is extending losses, there is one altcoin which has managed to rack up gains.  Interestingly, the coin has SHIBA in its name, and it may be of interest to enthusiasts.

The token is Bone ShibaSwap or BONE crypto. Though the price has recently appreciated a bit, BONE has yet to become a top 100 or even top 1,000 asset by market cap. Let’s know more.

What is Bone ShibaSwap?

ShibaSwap claims to be a Decentralised Finance (DeFi) participant. The platform provides staking and swapping services to crypto enthusiasts. Besides, it adds liquidity to the pool. It seems to be primarily catering to Shiba Inu (SHIB) holders. SHIB is one of the top 20 assets by market cap and is said to be very popular in cryptoverse.

ShibaSwap also claims support for non-fungible tokens (NFTs). On its website, it has listed Shiboshis NFTs, a total of 10,000 unique digital assets.

BONE is mentioned as the native token of ShibaSwap with utility in voting. A governance token, BONE coin can have a maximum supply of 250 million tokens. It is also stated that voting power of any user has to do with the number of BONE tokens held.

Also read: Top 5 costliest NFTs ever sold

BONE token price

So far this year, BONE crypto’s price trajectory has stayed largely in the red. It started 2022 with a price of nearly US$1.6, but just within a week, it fell below US$1.

In May, the crypto’s price dipped below US$0.4 and is trading at nearly US$0.38, at the time of writing. This is an approximately 2% increase over the previous day’s price. But, BONE crypto trading volume is very low as compared to large cap tokens.

The market cap of nearly US$2.6 million makes BONE a small-cap crypto. It does not rank even in top 1,000 cryptos on the CoinMarketCap list. It is said to trading on MEXC and a few other exchanges.

Data provided by CoinMarketCap.com

Bottom line

Be it a large-cap crypto like SHIB or a small-cap one like BONE, it is possible for any altcoin to pave its own path, irrespective of how Bitcoin is faring. A bearish phase in major cryptos like BTC may not prevent some altcoins from notching up gains. ShibaSwap is a platform that primarily targets Shiba Inu holders with its staking and swapping services. BONE token is used for governance, and it has so far lost value in 2022.

Also read: BTC and S&P 500 Index correlation over past 5 years

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