While the crypto market appears to be in decline, Bone Shibaswap (BONE), the Shibaswap ecosystem’s governance token, has been on the rise. As of this writing, the price of Bone Shibaswap has ballooned to an impressive 8.3% in the past 24 hours, according to CoinGecko data.
However, a broader look at BONE’s market performance indicates an underwhelming run in the past month. The meme token has experienced a 16.8% price drop in the last 30 days.
OKX Becomes 13th Biggest BONE Holder
Without a doubt, the price rise of Bone Shibaswap is reflective of recent market activity. On-chain data from Etherscan.io reveals that OKX, a prominent cryptocurrency exchange, has acquired a staggering 1,900,736.16586897 BONE tokens (equivalent to $1,788,547.11 ) in the past 24 hours.
This acquisition, executed via multiple transactions, pushed OKX to 12th place on the list of largest BONE holders. OKX is not the only exchange on this list, as Singapore-based firms Crypto.com and MEXC Global are also members of the exclusive club.
The buying spree kicked off after OKX launched a voting event on Friday, April 21st, inviting users to vote for the meme project they would like to see listed on the exchange. The voting event features five of the most popular meme tokens, including AIDOGE, BONE, BONK, OPTI, and PEPE.
OKX also declared its intention to list the three tokens with the highest number of votes. The voting event will end at exactly 06:00 am UTC on April 24th, 2023. Results are to be announced on the same day at 10:00 am UTC.
If OKX does list BONE on its exchange, it will be the coin’s biggest exchange listing ever. Of course, as has been exhibited in the past 24 hours, this would have an impact on the value of Bone Shibaswap. Other prominent exchanges to have listed the token include Crypto.com, Gate.io, Bitget, Bing, and BTCEX.
Time To Buy The Dip?
Going by the coin’s movement in the past, BONE surged to new heights when listed by a crypto exchange. However, it is worth noting that these price increases were short-lived, as is often the case in the market these days.
For example, after the cryptocurrency was listed on Crypto.com in early March, it rallied a 14.8% increase in a few days. By the end of March, the token price had plummeted by a disappointing 30.9%.
According to CoinCodex price prediction, the current sentiment for Bone Shibaswap is bearish, with the token expected to lose 6.99% of its current value in five days. Meanwhile, the coin is projected to lose an additional 40% over the next month. That said, this information should not be relied upon as investment advice.
BONE is currently priced at $0.945, with a daily trading volume of $4,888,630.
BONE trading at $0.9404 | Source: BONE/USD chart from TradingView
Featured image from CoinGecko, chart from TradingView