No, it was not Bitcoin, or Ether, or even Dogecoin that dominated 2021. In the CoinMarketCap index that tracks views for all cryptocurrencies, Shiba Inu (SHIB) ranks first.
As we enter 2022, Shiba Inu and decentralized platforms that are underpinned by the SHIB token remain a close watch. One such platform is ShibaSwap. Let’s know what it is, and what its $Bone token is.
What is ShibaSwap platform?
ShibaSwap is a decentralized exchange or DEX. For now, the platform supports purchase of SHIB and two other cryptos, LEASH crypto of Doge Killer project and ShibaSwap’s own native Bone token.
Also read: Top cryptos by market cap that ruled in 2021
As we know that SHIB can be purchased through a leading crypto exchange Coinbase, ShibaSwap has its own features like swapping and staking of crypto holding. SHIB price skyrocketed when Coinbase listed it in September 2021. But as stated, staking is not possible over crypto exchanges, for which DEX can be the answer.
What is Bone token?
Bone coin or $Bone is the native governance token of decentralized exchange, ShibaSwap.
The native token is used within the platform to facilitate liquidity, staking and swapping. $Bone crypto completes the ShibaSwap ecosystem. Holders of Bone token can participate in governance in order to decide how the platform functions.
Bone crypto price
Bone is a relatively newer cryptocurrency. ShibaSwap claims the maximum supply of 250 million Bone tokens. As of now, Bone crypto has a market cap of US$11 million, which is quite low as compared to both SHIB and LEASH. Bone price as of now is US$1.5.
Image description: Bone crypto price
Data provided by CoinMarketCap.com
Bone crypto price prediction
Price data of ShibaSwap token indicates that it is quite volatile.
In September 2021, Bone traded at under US$1. In early October, price reached nearly US$3, before it plunged to US$1.5 by mid-October. In early November, price breached US$3.
Also read: These play-to-earn cryptos that may explode in 2022
This indicates that even after gaining more than 15 per cent over the past 24 hours, Bone coin has yet to recover the lost ground.
Volatility aside, if ShibaSwap’s platform can draw more users for its swapping and staking services, it is likely that Bone crypto may sustain its upward movement.
SHIB token
SHIB is the native token of Shiba Inu, and it surpassed the popularity of its nearest rival meme currency, Dogecoin, in 2021.
SHIB has gained multi-fold, and has a market cap of US$18.6 billion as of, now which makes it one of the 15 largest cryptos by market cap.
Also read: Bitcoin vs. Ethereum – All you must know before 2021 ends
Bottom line
ShibaSwap is an exchange with decentralized tech underpinning it. This adds features like staking and swapping, which do not exist in crypto exchanges like Coinbase. Bone crypto, the native token, acts as the governance token of the ShibaSwap network. The price of Bone crypto in 2022 will rely on the use of ShibaSwap’s platform by crypto enthusiasts, especially SHIB backers.