In profit 74% of those who have crypto bones
The BONE crypto is the token of ShibaSwap, which is the DEX of the Shiba project.
While Shiba Inu’s token, SHIB, during 2023 has only increased by 36%, since the beginning of the year BONE has enjoyed an excellent +76%.
Right now it actually appears that 55% of addresses holding SHIB are making a loss, while conversely 74% of those holding BONE appear to be making money.
The price of the BONE crypto
While SHIB landed on the crypto markets already in 2020, BONE has only existed since September 2021.
A few months after it landed on the crypto markets, in the middle of a bull run, it peaked above $3.2, but then the price started to fall.
However, what is surprising is not the comparison to the November 2021 peak, compared to which it is losing 53% today, but the comparison to the starting price of $0.96 compared to which it is up 58% right now.
Excluding the bull run in October and November 2021, the highest price BONE then touched was just over $2 last September, which is a price that is only 33% higher than today.
In other words, the volatility of ShibaSwap’s token price appears to be much lower than that of SHIB.
Nevertheless, last May, after the implosion of the Terra/Luna ecosystem, the price also fell below $0.3, compared to the current price is 400% higher.
Also very curious is the fact that at the end of February 2023, the price of BONE again tried to return to $2, and succeeded only for a few minutes.
In light of this, it seems possible to say that the price since its inception has fluctuated between $0.5 and $2, barring exceptions, i.e. in a fairly compressed area for crypto markets.
The comparison with SHIB
From this point of view, the comparison with SHIB’s price fluctuations makes the point very well.
With the exception of 2020 and early 2021, when the last big bull run had yet to start, 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 an increase not much greater than BONE.
So from the peak of the crypto markets in November 2021 onwards, 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 particularly interesting.
The first big difference is the gains made in 2023, SHIB stops at +36%, while BONE touches +76%.
The other 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 enormously 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 inexplicable considering that SHIB has been around longer and before the 2021 bull run it was worth next to nothing.
Thus, it appears that SHIB only achieved great returns until the peak at the end of 2021, while BONE from there gave better returns.
However, there is another obvious 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 the hype, and got carried away by the excitement, so it is not surprising that they bought it at such a high price that they are currently at a loss.
This has simply not been the case for BONE, which remains a niche token likely bought by a more experienced and perhaps even slightly more knowledgeable 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 at BONE, and this paradoxically means that it will have a more linear and less nervous growth.
