The BONE crypto is the token of ShibaSwap, which is the DEX of the Shiba project.
However, while Shiba Inu’s token, SHIB, during 2023 has gained only 36%, BONE since the beginning of the year has posted an excellent +76%.
In fact, right now 55% of the addresses holding SHIB appear to be at a loss, while conversely 74% of those holding BONE appear to be making a gain.
Summary
The price of the BONE crypto
While SHIB landed on the crypto markets as early as 2020, BONE has only existed since September 2021.
A few months after it landed on the crypto markets, in the midst of a bull run, it peaked at over $3.2, but thereafter the price started to fall.
What is surprising, however, is not the comparison to the peak in November 2021, compared to which it is losing 53% today, but the comparison to the initial price of $0.96 compared to which it is gaining 58% right now.
Excluding the bull run of October and November 2021, the highest price BONE touched thereafter was just over $2 in September last year, which is a price only 33% higher than today.
In other words, the volatility of ShibaSwap‘s token price seems to be much lower than that of SHIB.
Nevertheless, in May last year, after the implosion of the Terra/Luna ecosystem, the price also fell below $0.3, compared to which the current price is 400% higher.
Also very curious is the fact that at the end of February 2023 the price of BONE tried again to get back to $2, succeeding only for a few minutes.
In light of this, it seems possible to say that, excluding exceptions, its price since its inception has fluctuated between $0.5 and $2, i.e., in a rather compressed range for crypto markets.
The comparison with SHIB
From this point of view, the comparison with SHIB’s price fluctuations makes the point very well.
Excluding 2020 and early 2021, when the last big bull run had not yet started, the price of SHIB also had a single huge peak, back in October 2021.
After that peak, the price of SHIB returned to just above $20 million in January 2022, and since then it has fluctuated between $7 million and $32 million, which is a hike not much greater than that of BONE.
So from the peak of the crypto markets in November 2021 onward, the price trend of BONE has been similar to that of Shiba Inu.
This means that the two trends are comparable, which makes the differences especially interesting.
The first major difference is the gains acquired in this 2023, SHIB stopping at +36%, while BONE touches +76%.
The second difference is that BONE’s price has returned to $2 as early as September 2022, while SHIB’s price has not returned to 32 thousandths of a dollar since February 2022.
In other words, BONE has recovered tremendously from the 2022 crashes, while SHIB has not.
This explains the huge difference in the percentage of wallets in profit, partly because it would otherwise be unexplained considering that SHIB has been around longer, and before the 2021 bull run it was worth almost nothing.
Thus it seems that SHIB only made great returns until the peak in late 2021, while from there on BONE made better returns.
However, there is another glaring difference: the number of BONE holders is about 77,000, while those of SHIB are as many as 1.3 million, or almost 17 times more.
This figure suggests that many people bought SHIB in the midst of hype, getting swept up in the excitement, and so it is not surprising that they bought it at such a high price that they are currently at a loss.
This simply has not been the case for BONE, which remains a niche token probably purchased by a more experienced and perhaps even a bit more savvy average audience.
Daily trading volumes also highlight this difference, with SHIB generating over $144 million, while BONE is stuck at just over $5 million.
In other words, the hype that characterized Shiba Inu, especially in 2021, has not formed on BONE, and this paradoxically allows it to have a more linear and less nervous growth.
