Crypto.com welcomes BONE, but here’s what followed after the listing

ambcrypto.com:

Bone ShibaSwap [BONE] , a token in the Shiba Inu [SHIB] ecosystem, was in the limelight recently for entering the list of the top 100 cryptocurrencies in terms of market capitalization.

The hype around the token got a further push on 2 March after Crypto.com (a cryptocurrency platform) announced that it had listed BONE on its platform. 

— BoneShibaSwap (@BoneShiba) March 2, 2023

Well, it was a promising development since it implicitly stated that the broader crypto industry was accepting it as a mainstream token.

However, BONE’s rank kept declining, and at press time it was at the 104th position in the market cap table. You might ask- If BONE’s achievement of making it to the top 100 list was just a result of the hype around the Shiba Inu ecosystem. Or, were there other factors at play? 

Read Bone ShibaSwap’s [BONE] Price Prediction 2023-24

CoinMarketCap’s data revealed that BONE did not have a comfortable week as its price registered a decline of more than 19% in the last seven days.

At press time, it was trading at $1.58 with a market capitalization of over $363 million. Interestingly, though BONE’s price declined, its on-chain performance was commendable on several fronts.

For instance, gas used by the BONE contract went up in the last few weeks, which represented its increased usage. This was quite contrary to that of LEASH, which is another token in the Shiba Inu ecosystem.

Source: Dune

Despite an increase in adoption, BONE’s overall health doesn’t seem to be in a good state. Consider this- a look at BONE’s