Bone ShibaSwap (BONE) continues to hold a unique position in the decentralized finance (DeFi) ecosystem as the governance token for ShibaSwap, a community-driven decentralized exchange built on Ethereum. While BONE emerged from the meme coin movement alongside its more famous counterpart SHIB, it has evolved into a functional utility token with real use cases in staking, governance, and Layer-2 network operations through Shibarium. This article provides an in-depth look at BONE’s current price dynamics, market performance, technical indicators, and long-term potential — all while maintaining SEO-friendly readability and accurate data integration.
Current BONE Price and 24-Hour Performance
As of today, the live price of Bone ShibaSwap (BONE) stands at $0.1907**, reflecting a **-3.55% decline** over the past 24 hours. Despite this short-term dip, BONE opened the day at $0.1831, indicating a modest intraday gain of +4.18%. The 52-week trading range sits between $0.1760 (low)** and **$0.7428 (high)**, showing significant volatility over the past year.
The all-time high for BONE was $1.26, reached on March 5, 2024 — roughly 15 months ago. Since then, the token has experienced a -61.54% drop in value against the USD over the past year. Market sentiment remains bearish according to technical indicators, with most moving averages signaling sell conditions.
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Market Capitalization and Supply Overview
Bone ShibaSwap currently holds a market cap of $43.8 million**, ranking it #446 among all cryptocurrencies by market capitalization. It has a **circulating supply of 230 million BONE tokens**, with a total potential supply that could push fully diluted valuation (FDV) to around **$47.7 million if all tokens enter circulation.
Compared to other crypto assets launched in 2021, BONE demonstrates above-average trading volume, averaging **$4.1 million** in daily volume — significantly higher than the average $285K for peers in the same cohort. This suggests continued interest and liquidity despite broader market downturns.
Key Market Stats (Last 24 Hours)
- Trading Volume: $4,126,852
- Tokens Traded: 21,639,356 BONE
- Exchanges Listed On: 18
- Volume-to-Market Cap Ratio: ~9.4%
High trading volume relative to market cap can indicate strong short-term interest or speculative activity, which investors should monitor closely.
Technical Analysis: Indicators and Moving Averages
Technical analysis reveals a predominantly bearish outlook for BONE across multiple indicators:
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 33.70 | Neutral (Approaching Oversold) |
| CCI (20) | -193.60 | Strong Buy |
| Williams %R (14) | -80.42 | Oversold |
| Ultimate Oscillator | 42.17 | Neutral |
While some momentum oscillators like the Commodity Channel Index and Williams %R suggest oversold conditions and potential reversal opportunities, the broader trend remains downward due to consistent resistance from moving averages.
All major moving averages — including SMA(10), EMA(50), SMA(200) — are positioned above the current price, reinforcing downward pressure. For instance:
- SMA(10): $0.2240
- SMA(50): $0.2660
- SMA(200): $0.3200
Until BONE breaks above these levels with sustained volume, the path to recovery appears challenging.
Role in the Shiba Ecosystem: Governance and Utility
BONE is more than just a meme-driven asset; it plays a critical role in the Shibarium Layer-2 network and ShibaSwap DEX. As the primary governance token, BONE holders can vote on protocol upgrades, treasury allocations, and new feature implementations.
Recent developments like Bury 2.0 have introduced veTokens (vote-escrowed tokens), allowing users to lock BONE for extended periods to gain enhanced staking rewards and greater voting power. This shift incentivizes long-term holding and active participation in ecosystem governance.
Additionally, BONE is used for transaction fee payments on Shibarium, although recent updates have introduced gasless transactions for certain operations — a move that may reduce short-term demand but aims to improve user adoption.
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Wealth Distribution and Holder Concentration
A key factor in assessing any cryptocurrency's decentralization and risk profile is its wealth distribution:
| Holder Tier | Holdings | % of Total Supply |
|---|---|---|
| Top 1–10 | 93,253,744 BONE | 37.30% |
| 11–100 | 73,283,054 BONE | 29.31% |
| 101–1,000 | 43,892,844 BONE | 17.56% |
| Others | 39,569,759 BONE | 15.83% |
The top 10 addresses collectively control over 66% of the total supply, raising concerns about centralization risks. Some of these may represent exchange wallets or project reserves, but high concentration can lead to price manipulation or sudden sell-offs.
Blockchain Activity and Transaction Trends
On-chain data shows moderate activity:
- Daily Transactions (last 24h): 2,510
- Avg. Transactions Per Hour: ~104
- Top 100 Holders Control: ~67% of circulating supply
Over the last 30 days, there have been over 15,169 transactions, averaging about 505 per day. While not extremely high compared to major DeFi protocols, this level of engagement reflects a stable core user base.
Return on Investment and Volatility Profile
BONE has delivered negative returns over recent periods, highlighting its high-risk nature:
| Metric | Value |
|---|---|
| ROI (3-Month) | -31.49% |
| ROI (6-Month) | -57.34% |
| ROI (12-Month) | -62.01% |
| Volatility (12-Month) | 99.50% |
| Max Drawdown | -89.76% |
| Winning Days | 47.06% |
With nearly 100% annualized volatility, BONE is highly speculative and suited only for risk-tolerant investors who understand crypto market cycles.
Frequently Asked Questions
What is Bone ShibaSwap (BONE)?
BONE is the governance token for ShibaSwap, a decentralized exchange within the Shiba Inu ecosystem. It enables holders to vote on proposals, participate in staking via Bury 2.0, and engage with Shibarium’s Layer-2 network.
What is the current price of BONE?
As of July 2, 2025, one BONE token is priced at $0.1907, down -3.55% in the last 24 hours.
What was BONE’s all-time high?
BONE reached its peak price of $1.26 on March 5, 2024.
How many BONE coins are in circulation?
There are currently 230 million BONE tokens in circulation.
Is BONE a good investment?
BONE carries high volatility and downside risk, with a -62% return over the past year. However, long-term believers in the Shiba Inu ecosystem may see value in its governance utility and future upgrades.
Where can I buy BONE?
BONE is available on 18 major cryptocurrency exchanges globally, offering various trading pairs against stablecoins and other digital assets.
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