Shiba ecosystem’s token, BONE ShibaSwap (BONE), has claimed its way up the charts of late. BONE price has garnered a lot of buzz over social media, as many optimistic theories have been shared on one of the most popular socials, that’s X.

On X, a renowned trader and investor with a massive fan following @$SHIB KNIGHT, speculated 5x gains to the $2.5 mark. The target by the trader was aimed at equivalent to its all-time high ever, which he named a possible second wave pump (DYOR).

Lets delve and dig into some theory, where BONE could be the top runner of the future!

Bone ShibaSwap (BONE) Statistics

ShibaSwap (BONE) is the governance token for Shibaswap DEX. BONE happens to have a cheap gas fee on Shibarium.

According to CoinMarketcap, 250 Million BONE is the max supply. Out of that, the floating supply is 229 Million BONE (91.97%).

As per Coincarp, the number of holders had grown massively by December 2023. However, in 2024, the growth is stagnating above 95K, where, as of writing, its holders count stands at 95482.

Holders Statistics | Source: Coincarp

Similarly, the rich list signified that the top 100 holds the most of the floating supply with 66.34% in total, and the top 10 holds 43.43%. Meanwhile, the ace address among the list holds 9.61% standalone, and the richest address with the quantity he held was 24 Million.

On-chain Data

Based on Messari, the TVL has plummeted from a $39 Million peak to $20.82 Million, with a price.

Socials & TVL | Source: Messari

Similarly, its Telegram user base has dipped from nearly 100K to the current 85.35K; despite a major drawdown, X followers stayed constant at 3.88 Million.

Per the Santiment chart, its active addresses have shaken its active addresses too. Where the 30-day average active addresses were 4203, which was above 12K 90 days back on April 1st.

BONE Price Analysis

BONE has been trapped in a falling wedge for a prolonged span, where the range is concentrated. It has recently taken support from the lower border of the wedge, and struggled near the 50-day EMA.

Once the price surpasses both EMAs, a long term bullish move would be anticipated. At press time, BONE was trading at $0.4788, with the market cap ranking of 343rd at $110.2 Million.

Similarly, the MACD and RSI portray a bearish side. Allindicators combined have a mixed bias. But, the price of BONE showed optimism, based on certain conditions met first. Like the dynamic hurdles of EMA bands to be cleared first for the upper border target to manifest.

Therefore, with a bullish spike, the hurdle could act at $0.75, and $1.0, respectively. However, if it dips, then $0.40 and a lower border would act as a defense.