The cryptocurrency market has been experiencing a decline lately, but Bone Shibaswap’s (BONE) governance token has been defying the odds. According to CoinGecko data, BONE’s price has risen by an impressive 8.3% within the past 24 hours.
However, taking a closer look at BONE’s market performance over the past month indicates an underwhelming trend. The meme token has experienced a 16.8% price drop within the last 30 days.
Recently, OKX, a prominent cryptocurrency exchange, acquired a massive 1,900,736.16586897 BONE tokens in the past 24 hours. This acquisition, executed via multiple transactions, pushed OKX to 12th place on the list of largest BONE holders. It’s worth noting that Singapore-based firms Crypto.com and MEXC Global are also members of the exclusive club.
This buying spree followed OKX’s launch of a voting event on April 21, inviting users to vote for the meme project they would like to get listed on the exchange. Five of the most popular meme tokens are in the running, including AIDOGE, BONE, BONK, OPTI, and PEPE. OKX has declared its intention to list the three tokens with the highest number of votes, and this event is set to end on April 24, 2023. Results are to be announced on the same day at 10:00 am UTC.
Should OKX list BONE on its exchange, it would be the coin’s biggest exchange listing ever. As the past 24 hours have shown, this would have a significant impact on the value of Bone Shibaswap. Other exchanges to have listed the token in the past include Crypto.com, Gate.io, Bitget, Bing, and BTCEX.
However, past performance often does not guarantee future success. Previous surges in BONE’s price that coincided with listings on crypto exchanges were short-lived, as is often the case in the market these days. For instance, after BONE’s listing on Crypto.com in early March, the token rallied a 14.8% increase within a few days. But by the end of March, the token price had dropped by a disappointing 30.9%.
According to CoinCodex’s price prediction, the current sentiment for Bone Shibaswap is bearish, with the token expected to lose 6.99% of its current value in the next five days. Additionally, the token is projected to lose an extra 40% over the next month. Investors should keep in mind that this information should not be relied upon as investment advice.
Currently, BONE is priced at $0.945, with a daily trading volume of $4,888,630, and a market capitalization of $139,765,715.
In conclusion, while the recent spike in BONE’s price is impressive, investors should be cautious while investing in the token. With volatility being a constant in the cryptocurrency market, it’s essential to keep an eye on the market trends and ensure prudent investing practices.
