The Bone ShibaSwap (BONE) token powers ShibaSwap, the decentralized exchange (DEX) at the heart of the Shiba Inu ecosystem. Since its launch in 2022, BONE has experienced significant volatility, particularly amid the rollout of Shibarium — the ecosystem’s Layer 2 scaling solution. As of July 4, 2024, BONE is trading around $1.09, having declined sharply from earlier highs and approaching its all-time low. Despite this bearish momentum, technical patterns suggest a potential reversal may be on the horizon.
This article delivers a comprehensive Bone ShibaSwap price prediction for 2024, analyzes current market trends, and explores the utility and investment outlook for BONE. We’ll also examine key technical indicators, supply metrics, and comparative performance against other DEX governance tokens.
Bone ShibaSwap Price Prediction: 2024–2030 Outlook
Our BONE price forecasts are derived from two analytical methods: fractal pattern analysis and Elliott Wave theory. By combining these approaches, we generate minimum, average, and maximum price projections.
| Year | Minimum | Average | Maximum |
|---|---|---|---|
| 2024 | $0.95 | $1.20 | $1.46 |
| 2025 | $0.62 | $1.41 | $2.21 |
| 2030 | $0.57 | $0.71 | $0.85 |
Note: All predictions are speculative and subject to market volatility.
Fractal Method: Historical Patterns Suggest a Rebound
The fractal method identifies repeating price behaviors over time. For BONE, the 3-day Relative Strength Index (RSI) has hit oversold levels (around 30) three times in history — each followed by a breakout from a descending resistance trend line and a subsequent rally.
In 2024, BONE has been under a descending trend line for approximately 120 days, and the RSI is nearing 30 again. If historical patterns repeat, a breakout could occur around day 183 — the average duration of prior bearish trends — triggering a 120-day rally with an average gain of 193%.
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This would place BONE at $0.95 by year-end 2024**, with further downside to **$0.62 by 2025 if another correction follows.
Wave Count Method: Bullish Impulse Ahead?
Elliott Wave analysis suggests BONE completed a five-wave bullish cycle in August 2022, peaking at $2.39, followed by a complex corrective phase within a descending channel. If this correction is nearing its end, the next phase could be a strong upward impulse — potentially wave three or wave C in a larger structure.
If this new wave mirrors the previous uptrend in duration and magnitude, BONE could reach $3.02 by February 2025**, supporting a **$1.46 target by end-of-year 2024.
This method presents a far more optimistic scenario than the fractal model, highlighting the uncertainty inherent in crypto forecasting.
Long-Term Forecast: 2030 Projection
Looking ahead to 2030, we base our estimate on BONE’s historical growth rate. Over the past two years, BONE has appreciated by just 10%. Assuming this slow trajectory continues, the price could reach $0.71 by 2030.
Adjusting for volatility (±20%), the long-term range falls between $0.57 and $0.85 — well below current levels, indicating potential overvaluation unless adoption accelerates.
Bone ShibaSwap Price Analysis: Current Market Conditions
As of July 4, 2024, the daily chart shows a bearish trend for BONE:
- The price has broken below a key descending resistance line.
- It has also fallen beneath the $0.55 horizontal support, which held throughout early 2024.
- Without a reclaim of this level and breakout from the trend line, further downside remains likely.
Technical indicators reinforce this outlook:
- The daily RSI and MACD are declining without showing bearish divergence, suggesting momentum is still downward.
- The most probable next target is the 1.618 Fibonacci extension at $0.36, based on the prior rally.
Short-Term BONE Price Prediction (Next 7 Days)
In the immediate term, expect continued pressure. If the downtrend persists:
- BONE could fall to $0.43 within 24 hours.
- A drop to $0.36 may occur by the end of the week.
Traders should monitor for signs of reversal — such as bullish divergence or a close above $0.55 — before considering long positions.
Average True Range (ATR): Low Volatility Ahead?
The ATR measures market volatility. On July 4, BONE’s 14-day ATR stood at 0.03, down from 0.15 in March, signaling reduced volatility.
When normalized against price, ATR is roughly 1/3 of BONE’s value, indicating subdued market activity. This could mean consolidation before the next major move — up or down.
Market Cap to TVL Ratio: Overvalued?
The Market Cap to Total Value Locked (TVL) ratio assesses DeFi project valuation:
- A ratio >1 suggests overvaluation.
- A ratio <1 suggests undervaluation.
BONE’s ratio is currently 5.63, far above 1 — a red flag indicating that market capitalization greatly exceeds actual usage on the platform.
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This imbalance raises concerns about sustainability unless user activity and locked value increase significantly.
Relative Strength Index (RSI): Approaching Oversold
The weekly RSI for BONE is at 37, below the neutral 50 level — confirming bearish momentum — but not yet in oversold territory (below 30). A drop into oversold levels could trigger a short-term bounce, especially if macro conditions improve.
BONE vs Other DEX Governance Tokens
How does BONE compare to peers like UNI, CAKE, and SUSHI?
| Token | Current Price | 1-Year Change |
|---|---|---|
| BONE | $1.09 | -58.2% |
| CAKE | $1.91 | +20.5% |
| SUSHI | $0.76 | +9.7% |
| UNI | $8.10 | +47.2% |
Despite being part of a popular meme ecosystem, BONE underperforms most major DEX tokens over the past year — a sign of weakening investor confidence or slower ecosystem growth.
BONE Price History & Supply Metrics
| Period | Price |
|---|---|
| Today (July 4, 2024) | $1.09 |
| Last Week | $0.49 |
| Last Month | $0.62 |
| 3 Months Ago | $0.71 |
| 1 Year Ago | $1.06 |
| Launch Price (July 8, 2021) | $15.50 |
| All-Time High | $15.50 |
| All-Time Low | $0.28 |
BONE launched at an extremely high price due to low initial liquidity but quickly corrected. Today’s price reflects prolonged bearish sentiment.
Supply & Distribution
- Maximum Supply: 250,000,000
- Circulating Supply: 249,897,899 (99%)
- Top 10 Holders: Control 42% of supply
High concentration among top wallets increases vulnerability to market manipulation or sudden sell-offs.
Who Owns the Most BONE?
As of July 4, 2024, five wallets each hold over 22 million BONE tokens, collectively representing nearly 31% of total supply:
- Wallet 1: 9.17%
- Wallet 2: 8.00%
- Wallet 3: 5.31%
- Wallet 4: 4.87%
- Wallet 5: 3.69%
Such centralization contradicts decentralization ideals and may concern long-term investors.
What Is Bone ShibaSwap (BONE)?
BONE is the governance token for ShibaSwap, a decentralized exchange built on Ethereum by the Shiba Inu team. It enables:
- Governance voting on platform upgrades.
- Liquidity provision and staking rewards.
- Trading and speculation across crypto exchanges.
While not directly burned during transactions, some Shiba Inu ecosystem projects incorporate BONE burn mechanisms, potentially reducing supply over time.
How Does Bone ShibaSwap Work?
Like most DEXs, ShibaSwap uses automated liquidity pools instead of order books:
- Users deposit token pairs into pools to earn trading fees.
- Prices are determined algorithmically via constant product formulas.
- BONE holders can stake tokens to participate in governance or earn yield.
The integration with Shibarium aims to reduce transaction costs and improve scalability — critical for competing with established DEXs like Uniswap and PancakeSwap.
Is Bone ShibaSwap a Good Investment?
Investing in BONE carries both opportunity and risk:
Pros:
- Backed by the popular Shiba Inu brand.
- Active development with Shibarium integration.
- Potential for governance-driven utility expansion.
Cons:
- No official whitepaper or detailed technical roadmap.
- High token concentration among few wallets.
- TVL-to-market-cap ratio indicates overvaluation.
- Poor recent performance compared to peers.
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Frequently Asked Questions (FAQs)
What is the current price of Bone ShibaSwap?
As of July 4, 2024, BONE is trading at approximately $1.09.
How many BONE tokens are in circulation?
There are 249,897,899 BONE tokens in circulation out of a maximum supply of 250 million.
Will BONE reach $10?
Based on current trends and long-term projections, it is highly unlikely that BONE will reach $10 in the foreseeable future.
What factors influence BONE’s price?
Key drivers include Shibarium adoption, DEX trading volume, community sentiment, macro crypto trends, and overall DeFi activity.
Can BONE be staked?
Yes, BONE can be staked on ShibaSwap to earn rewards and participate in governance decisions.
Is BONE undervalued or overvalued?
With a Market Cap to TVL ratio of 5.63, BONE appears significantly overvalued relative to actual platform usage.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Past performance is not indicative of future results. Consult a qualified financial advisor before making any investment decisions.