Bone ShibaSwap's BONE Value: Will It Skyrocket by 70%?

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BONE’s performance has diminished significantly from its all-time high price of $41.6 in September 2021. Over the past week, BONE’s price witnessed a steep decline, nosediving off the week’s high of $1.7346 to a low of $1.2084.

Today, August 17, the token’s value has plunged further, prompting investors to explore alternative avenues.

Given the prevailing bearish momentum, achieving the 70% surge could take longer. However, SONIK presents promising potential for higher short-term returns.

BONE’s Price Performance

As of 05:10 AM EST, the value of Bone ShibaSwap (BONE) settled at $1.25. This observation represents a BONE’s noteworthy 19.5% reduction in price within the last 24 hours.

Over the past week, the token faced a more protracted decline, registering a dip of 21.4%. The trading volume for Bone ShibaSwap (BONE) surpassed the $49 million mark within the last 24-hour cycle.

This impressive figure reflects a robust surge of 60.6% over the same period, indicating an upswing in its market activity.

Sell Pressure Strikes BONE Market

Several indicators are pointing toward a continuous bearish trend for the BONE token. While there were some upticks to recall yesterday, BONE closed the day, losing its gains as sellers continued to oversee the market.

Today, the token has formed another red candle, resulting from the bears’ dominance over the past five days.

This downtrend has brought its price below the 50-day and 200-day Moving Averages as it dips significantly into the sell region, evident from the 34.5 RSI reading.

The MACD indicator also reveals the bears’ strength on the BONE market, with the MACD line sitting below the signal line. This long-lasting formation has resulted in the 8th and 4th red bars on the daily and 4-hourly histograms, respectively.

Despite this setup, BONE could still regain upward momentum, with its price significantly close to a support level of $1.22. Traders can anticipate a reversal, as the BONE price has maintained levels above this support position multiple times.

Factors Affecting BONE Price

The value of BONE is subject to the interplay of various elements. These include the equilibrium between the demand for and supply of BONE tokens, the effectiveness of the ShibaSwap platform, etc.

Shibarium’s arrival is poised to facilitate accelerated and cost-effective transactions for LEASH, SHIB, and BONE tokens, providing support for smart contracts and NFTs.
The expansion of BONE’s presence across various exchanges and platforms, notably KuCoin, Coinbase, and Changelly. Such diversification promises to bolster liquidity and make BONE tokens more accessible.
The increasing progress of BONE’s platform boasted a Total Value Locked (TVL) of $30.7 million as of August 16, 2023. ShibaSwap enables users to supply liquidity, stake tokens, engage in swaps to earn rewards in SHIB, LEASH, and BONE tokens, and highlights potential growth.
Innovation within the Shiba Inu ecosystem, spanning the creation of NFTs, gaming ventures, portfolio tracking tools, and social media platforms.
The continuous commitment and backing of the Shiba Inu community, affectionately known as the Shib Army, boasts an impressive following of over 1.1 million on Twitter and a substantial Reddit membership exceeding 200,000.

Specific Factors that Could Exert Downward Pressure on BONE Price

The inherent volatility and associated risks common to the cryptocurrency market can occasion sudden price fluctuations and adjustments for BONE and other alternative coins.
The competitive landscape is populated by other decentralized exchanges, including but not limited to PancakeSwap, Uniswap, SushiSwap, and QuickSwap.
These platforms overshadow ShibaSwap regarding user engagement, Total Value Locked (TVL), and trading volumes.
The prevailing regulatory ambiguity and scrutiny surrounding cryptocurrencies, with a specific focus on meme coins and decentralized exchanges. These sectors remain susceptible to legal obstacles or potential prohibitions imposed by governmental bodies.
The latent technical glitches or security breaches, such as software bugs, potential hacks, or exploits, could impact the integrity and functionality ShibaSwap platform.

Should these events prevail, BONE could struggle to achieve significant growth as predicted by analysts, therefore deterring the anticipated surge of 70%.

Bone ShibaSwap Alternative

Sonik Coin is the latest player in the realm of meme coin cryptocurrencies, and its objective is to attain a staggering $100 million market cap swiftly.

Derived from the iconic Sonic the Hedgehog character, Sonik sets itself apart as a humorous meme coin with a twist – it operates on a stake-to-earn principle. Individuals depositing into its staking smart contract get rewards for their commitment to the project.

With a modest low-cap target of merely $2 million, it is prudent to anticipate a swift depletion of Sonik coin availability. What sets Sonik apart is its inherent potential for virality, much attributed to its association with one of the most beloved and recognizable characters in the gaming world.

Notably, the valuation of $SONIK currently rests at a modest $0.000014 per token. This implies that a nominal $1,000 investment could generate a substantial $50,000 or even $100,000 if Sonik sets up a 50x or 100x appreciation for its early adopters.

Transparency characterizes Sonik’s fair presale arrangement, with 50% of the total token supply allocated for public sale. An additional 40% is designated for staking rewards, while 10% is earmarked to ensure exchange liquidity.

After the presale, the coin will promptly find its place on the Uniswap Decentralized Exchange (DEX). To secure these tokens, buyers will require ETH or USDT.

They can begin by linking their wallets to the Sonik website and make haste to take advantage of this opportunity.

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