SHIB Lead Sheds Light on Shibarium’s BONE Adoption Challenges

• Last September, devs altered the BONE supply, granting the community’s wishes.
• Bone ShibaSwap meme coin slipped below $0.40 at a $99 million market cap.
• Shibarium’s official gas fee token has yet to be listed on several top platforms.

Shiba Inu’s marketing lead, Lucie, recently took to X to unveil a couple of shocking insights about the current crypto market conditions. She also disclosed key reasons why Shiba Inu’s alternative token, Bone ShibaSwap (BONE), is facing multiple challenges and delays in gaining major centralized exchange (CEX) listings.

Indeed, Shibarium’s gas fee token, BONE, has been sidelined by multiple popular exchanges in recent years, with one issue being the coin’s tokenomics. As reported by DailyCoin a year ago, the deployers of BONE renounced the contract on September 27, 2023.

This is aligned with the community’s willingness to make BONE a limited token, capped at 250,000,000, without the possibility of minting new Bone ShibaSwap coins. While this was supposed to speed up the process of listing BONE, it has hardly made any difference.

SHIB Lead Calls Out Centralized Exchanges

Diving deeper into the reasons for this delayed progress, Lucie exposed the ugly truth surrounding new cryptocurrency listings on centralized exchanges. “The market is heavily manipulated, and everyone is playing their own games, ” she concluded in her latest tweets.

Moreover, in an X post on September 16, 2024, she said: “Some exchanges don’t care if a token won’t exist next year, or even in a few months. If there’s a high-potential token backed by a solid blockchain, they still won’t list it unless you pay them. It’s all about business now—integrity in this market is no longer part of the game.”

This has prompted several crypto enthusiasts to think the complaint is directed at Binance. This has some merit, as dedicated SHIB Army members have repeatedly tagged Binance on social media regarding the matter and even penned a digital petition on Change.org for BONE to be listed.

However, the 2,337 signatures on the petition didn’t convince the globe’s leading crypto exchange to provide an answer to the SHIB Army. Instead, BONE was adopted by other popular CeFi exchanges over the past year, including OKX, Bitget, Biconomy, MEXC, and others.

On the Flipside

• With the price of BONE dropping 50% in a yearly time frame, only 21% of current Bone ShibaSwap holders are making a profit as the price dwells below $0.40.
• However, price appreciation is expected as the Shibarium L2 blockchain expands in utility, introducing Liquid Staking Derivatives this fall season.

Why This Matters

Considering the sentiment of prominent crypto figures and the community’s demand allows us to understand the shifting crypto market dynamics.

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