The market started off the new month on the backfoot after a flurry of sell volume plagued the cryptocurrency market during the past 24 hours. This sell pressure proved to be too strong for bulls, causing the majority of prices in the market to drop. The top 10 cryptocurrencies by market capitalization also fell victim to this sell pressure. Binance Coin (BNB) was the only cryptocurrency in the top 10 list to print a daily gain.
This wave of selling activity also made its way to meme coins, causing 4 of the top 5 cryptocurrencies in this category to suffer daily losses. Bone ShibaSwap (BONE) was the only meme coin that saw its price increase during this same period. BONE’s price rise can be attributed to its community’s growing enthusiasm at the possible Binance listing of the meme coin.
Although Binance has not officially announced or confirmed that they will be listing BONE, a recent development has community members speculating that the exchange platform may consider listing the meme coin in the near future. Should this happen, the cryptocurrency may also get listed on several other well-known exchanges shortly thereafter.
Market Overview
The total cryptocurrency market cap decreased 1.455 over the past 24 hours after a marketwide selloff kicked off the new month. As a result, the collective market capitalization stood at approximately $1.17 trillion at press time, according to CoinMarketCap.
Almost all of the top 10 cryptocurrencies saw their prices drop during this period as well. Most notably, Bitcoin (BTC) and Ethereum (ETH) experienced 24-hour losses of 1.59% and 1.83% respectively. Consequently, BTC was changing hands at $28,913.60, while ETH’s price stood at $1,834.12 at press time. Of the top 10 projects, only BNB saw its price rise over the past day of trading. After achieving a gain of 0.46%, the altcoin was trading at $244.64.
Meme Coin Market Overview
During bear markets, investors and traders have historically turned to meme coins for quick and significant gains. However, the past 24 hours also saw the majority of cryptocurrencies in this category experience price decreases. Meanwhile, the combined daily trading volume for meme coins saw an increase in the past 24 hours, as the market was overcome by an influx of sell volume. At press time, the total volume stood at approximately $896 million, which was 19.67% higher than what it was the previous daily cycle.
The leading meme coin in terms of market capitalization, Dogecoin (DOGE), suffered a 24-hour loss of 2.83%. This negative daily performance had also dragged its weekly performance into the red zone, as the altcoin was down 0.98% for the week. As a result, DOGE’s price stood at $0.07695 at press time.
Shiba Inu (SHIB) and Pepe (PEPE) experienced the same fate as DOGE as their prices dropped 1.38% and 5.22% respectively. Subsequently, SHIB was trading at $0.000008306 and PEPE’s price was at $0.000001227. Despite its 24-hour loss, however, SHIB’s weekly performance remained in the green zone at +6.46%. The same cannot be said for PEPE, which was down more than 7% for the week.
The price of FLOKI, the meme coin ranked as the 5th biggest meme coin in terms of market capitalization, was also down at press time. CoinMarketCap indicated that FLOKI was changing hands at $0.00002189 after its price slipped 1.75% throughout the past day of trading.
One of the very few meme coins that was able to print a gain in the last 24 hours, as well as the only meme coin in the top 5 list to do so, was Bone ShibaSwap (BONE). The cryptocurrency outperformed the majority of the market with its 24-hour gain of 6.27%. Furthermore, this recent success added to the altcoin’s impressive weekly performance - taking BONE’s total weekly gain to 20.71%.
BONE has been attracting significant interest due to its crucial role in the ShibaSwap platform and the upcoming mainnet launch of Shibarium. However, despite its importance, BONE has not yet been listed on some major exchanges, including Binance.
The latest development surrounding the Bone ShibaSwap renunciation contract may change that. Shytoshi Kusama, the lead developer of Shiba Inu, revealed that the Shiba Inu development team is planning to renounce the BONE contract, which could pave the way for its listing on Binance, the world's largest crypto exchange. This may be the main driving force behind BONE’s latest spike in price.
The Shiba Inu Ecosystem and the Importance of BONE Token
Shiba Inu, inspired by the popular meme cryptocurrency Dogecoin, aims to create an entire ecosystem for the community. ShibaSwap, a decentralized exchange, is an integral part of this ecosystem. At the heart of ShibaSwap lies the BONE token, which serves as the platform's governance token and also acts as the gas token for the upcoming Shibarium mainnet.
As the governance token, BONE holders have the power to participate in decision-making processes and propose and vote on various changes to the ShibaSwap platform. Additionally, BONE's role as the gas token for Shibarium ensures smooth and efficient transactions within the ecosystem.
The Absence of BONE on Major Exchanges
Despite its crucial role in the Shiba Inu ecosystem, BONE has not yet been listed on major exchanges, including Binance, which stands as the largest crypto exchange by trading volume. This has been a matter of concern for many community members who have been eagerly awaiting wider accessibility and increased liquidity for the token.
Several community members speculated that the non-renunciation of the BONE contract might have been a deterrent for leading exchanges in listing the token. However, these speculations were countered by a SHIB ecosystem official, Ragnar, who pointed out that BONE secured listings on six exchanges in April alone. He suggested that the delay in BONE's listing might be attributed to these exchanges carefully assessing the performance of Puppynet and the impending launch of Shibarium mainnet.
The Turning Point: Contract Renunciation
Recently, Shytoshi Kusama addressed the concerns of the community by announcing the impending renunciation of the BONE contract. This crucial step will lead to the minting of the remaining 20 million BONE tokens before relinquishing ownership and control of the contract.
With the contract renunciation, the Shiba Inu development team will no longer be able to mint any additional BONE tokens, making its supply fixed and immutable. This move enhances the token's credibility and reinforces its position as a valuable asset within the Shiba Inu ecosystem.
The Impact on Binance Listing
The announcement of the contract renunciation has sparked optimism among Shiba Inu supporters, especially regarding the potential listing of BONE on Binance. As one of the largest and most influential cryptocurrency exchanges globally, Binance's support could significantly elevate the reach and trading volume of BONE.
Binance has already shown interest in the Shiba Inu ecosystem by enabling price tracking for the token back in June. Although the exchange has not made any official statements about listing BONE, the community remains hopeful that this latest development might prompt Binance to take steps towards adding BONE to its list of supported assets.
