Shiba Inu’s BONE token has been facing challenges in gaining widespread adoption despite efforts to expand its ecosystem. The token, introduced to support the ShibaSwap decentralized exchange, has not seen the anticipated growth in user base.
Recent data from IntoTheBlock indicates a decline in new user acquisition within the Shiba Inu ecosystem. The adoption rate hit a multi-year low in February, dropping to 12.73%. This decrease marks the lowest level of new adoption in nearly two years, with a previous low of 5.20% recorded in March 2023.
In response to the slow adoption, Shiba Inu marketer Lucie took to social media to provide perspective. She compared BONE’s current situation to the early years of cryptocurrencies like Cardano (ADA) and XRP, which experienced prolonged periods of stagnant price action before achieving significant market value. Lucie suggested that BONE might follow a similar long-term growth trajectory.
XRP and ADA serve as examples of tokens that have experienced substantial price appreciation over time. XRP, for instance, saw significant price surges, reaching an all-time high of $3.84 in January 2018. Similarly, Cardano’s price surged by approximately 800% in February 2021, demonstrating the potential for long-term growth.
Currently, BONE is trading at $0.24, down by more than 11% in the last 24 hours. Despite the current price decline, technical analysis suggests that BONE is maintaining strong support levels, with a projected price target of $2.50. Additionally, renewed interest in meme coins like SHIB and PEPE could improve investor sentiment towards BONE.
It is important to note that the information presented in this article is for informational purposes only and does not constitute financial advice. Readers are advised to exercise caution and conduct their own research before making any investment decisions related to BONE or other cryptocurrencies.