Bone Price Prediction: Is BONE a good investment?

Bone Price Prediction: Is BONE a good investment?

Bone price prediction: BONE crypto is 2.13 times down from its all-time high price, meaning that it has a huge scope for growth in the future.

Bone price prediction

Let us first overview BONE token’s price history for the past few months, before predicting whether Bone ShibaSwap is expected to go up or down in the coming future. Bone crypto’s performance in the past months can help us gain the required context for the future. Let’s discuss:

Bone price prediction

Image: BONE’s one-year graph

Above is Bone Shibaswap’s graph for 1 year and as we can see, the market price of the BONE crypto, one year ago was $0.63. Hence, there is an increase of more than 2.41 times in Bone token’s price in one year, considering its current price of $1.52. Also, there were numerous ups and downs stating that the hike wasn’t really continuous. Bone ShibaSwap reached the highest and lowest values of $2.1 and $0.31 respectively, during that period.

BONE token’s price has increased by nearly 1.67 times in three months (though the increase was not consistent), keeping in mind that its price 3-months ago was $0.91. However, Bone token’s price reached the lowest price at $0.61 during this period (as depicted below).

image 363

Image: BONE’s 3-month graph

The all-time high value of BONE token is $3.23 which it achieved in November 2021. After that, the price started to fall and is currently priced at $1.52 (again the decline wasn’t consistent during the entire period). Also, Bone ShibaSwap’s market price a month ago was $0.90. It means that Bone token has increased by almost 1.68 times since then.

Moreover, BONE crypto is 2.13 times down from its all-time high price, meaning that it has a huge scope for growth in the future.

Additionally, as the CPI Index is comparatively improving, this might bring a positive change for the BONE’s prices. Note that the reports say that the CPI index increased to 6.5% in December 2022. However, the data depicts that CPI Index has declined from June 2022 to December 2022.

This probably is the reason that BONE’s price has increased by around 1.31 times in just one week.

Competitor analysis

The BONE’s primary utility is to pay for gas fees on the Shibarium blockchain. Hence, let us compare it (in terms of price movements in past) with other tokens that are used to pay the gas fees on different blockchains, such as SOL on Solana and ADA on Cardano:

 BONESOLADA
Purpose/Blockchains involvedThe BONE token is used to pay a transaction fee on Shibarium (L2 blockchain).SOL tokens are used to pay the transaction fee on the Solana blockchain.ADA tokens are used to pay the gas fee on the Cardano blockchain.
Performance in the last one year+2.41x-6.26x-4.29x
Performance in the last 3 months+1.67x-1.28x-1.02x
Performance in the last month+1.68x+1.84x+1.30x
Performance in the past week+1.29x+1.41x+1.07x

Thus, as we can see that all the listed cryptos are performing well in the last few months. However, BONE has comparatively increased more compared to ADA during the entire period, while, SOL has certainly outperformed BONE for the last month.

Bone price prediction: Can BONE reach $10?

To reach a price of $10, BONE ShibaSwap needs to grow by just 6.58 times considering its current market price of $1.52.

After its launch, the BONE token reached its all-time high price of $3.23 in November 2021, where it grew by 4.14 times in just 2 months (from the lowest value of $0.78 in September 2021). Thus, Bone crypto grew by 2.07 times in one month.

Therefore, the BONE token requires less than 4 months to reach $10, as per the calculation.

However, the current market situation of liquidity and inflation is definitely not in the favor of the crypto market. Therefore, it cannot even reach that value in the calculated time. Therefore, reaching $10 is definitely not a tough target for the BONE token, but it will certainly need much more time once the market conditions ease up.  

Bone price prediction: Can Bone reach $100?

The Bone token needs to grow by 65.78 times to reach $100, considering its current market price of $1.52.

As Bone ShibaSwap has shown a 2.07 times growth in one month, it will need a minimum of 31 months (less than 3 years) to reach $100.

However, the market conditions of liquidity, inflation and CPI Index need to favor this growth as well. Currently, these factors are not much in the favor of the crypto industry.

Therefore, the Bone token certainly needs more time to reach that value.

Bone Price Prediction: Is BONE a good investment?

Shiba Inu was launched merely as a meme coin which was completely run by the community. However, with time, Shiba Inu has focussed on increasing its utility. For instance, Shiba coins can now be used for online payments after its partnerships with Gucci, Tag Heuer etc.

Furthermore, it has launched ShibaSwap (native decentralised exchange), Shiboshis (an NFT collection), and Shibarium (a layer 2 blockchain), meaning that Shiba Inu has diversified itself in various fields and has more utility in comparison to any other meme coin in the market (such as Dogecoin).

Its increasing utility can be one probable reason why users are now more searching for Shiba Inu than Dogecoin on Google (as depicted below).

Bone Price Prediction

The image represents the Google Trends data for the last 7 days, where the blue line depicts Shiba Inu and the Red line depicts Dogecoin

The BONE token was primarily related to the governance of the ShibaSwap since its birth. However, with the launch of Shibarium, BONE crypto’s utility has also increased to pay gas fees and reward validators within the platform.

Hence, Boen crypto’s increased utility is certainly a positive point here and it might help in the further increase of the price.

Moreover, its past movements depict that BONE token’s price is certainly increasing despite the unfavorable market conditions of macro and micro economic factors and its price is still 2.13 times down than its all-time high price. It means that BONE crypto can see positive growth in the future if it continues to increase its utility and if the market conditions become favorable.

Also, Shiba Inu has turned into an ecosystem that involves Shibarium as one of its units to allow investors to transact and Shibarium’s gas fee is to be paid in BONE tokens.

Furthermore, every transaction on the network will involve an implicit burn amount for SHIB tokens i.e., the base gas fee will be utilized to burn SHIB tokens through their burn portal. Thus, it will also impact SHIB’s circulating supply and in turn its price.

However, there is no clear communication as though why SHIB tokens cannot be used for paying the gas fee on the Shibarium network and hence, it is hard to say whether BONE tokens were actually needed or not.

Also, there are many “Layer 2 blockchains” available in the market that have the same aim of reducing the time and increasing the transaction speed. Thus, Shibarium has a competitive market to face.

Also Read: Shiba Inu Price Prediction

Bone Tokenomics and use cases

BONE has a maximum supply of 250,000,000 tokens, out of which 163,522,373 BONE tokens are already in circulation.  The following are the primary use cases of BONE tokens:

  • Being the governance token of Shibaswap, BONE tokens can be used to vote on upcoming proposals by the ecosystem.
  • BONE tokens are primarily used to pay the gas fee on the Shibarium (layer 2 blockchain by Shiba Inu).
  • BONE tokens can be staked by validators to verify and process transactions to earn rewards in return.

Bone Price Prediction: About Bone token

Bone crypto is the governance token of Shibaswap (a native DEX of Shiba Inu). ShibaSwap aims to be the next evolution in the Defi platforms because it provides users with the ability to provide liquidity, stake, and Swap tokens. Bone ShibaSwap even facilitates buying, selling and trading of unique NFTs.

Shiba Inu has launched “Shibarium”, a Layer 2 blockchain that aims to scale solutions, security and innovation to Defi space. This blockchain runs on Ethereum and provides the benefits of faster transaction times and lower fees. Shibarium blockchain will serve different areas including web3 and gaming.

The main purpose of ShibaSwap is to remove the entry barrier for small transactions by facilitating “off-chain” transactions i.e., outside of the Ethereum blockchain. Moreover, allowing the L2 blockchain (i.e., Shibarium) to do processing will also lower the processing time for users.

Furthermore, the future plans of Shibarium include ShibaSwap’s integration with it so that users can access the tools and functions more efficiently.

Note that the Bone token is used to pay the gas fees on the Shibarium platform.

FAQs

How much will Shiba BONE be worth in 2025?

BONE’s price is expected to rise to a maximum price level of $5 by the end of 2025 and can reach an average price point of around $4 during the year.

What will the BONE token be worth in 2030?

As per the BONE price prediction, the BONE token is expected to reach a maximum price level of $37 and a minimum price level of $30 by the end of 2030.

Where can I buy BONE tokens?

BONE tokens can be bought on many centralised and decentralised crypto exchanges, including CoinEx, Jubi, SuperEx, BitMart, MEXC, BKEX, Uniswap and SuhsiSwap.

~Charu Taneja

Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.

Charu Taneja

Charu Taneja

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