The introduction of BONE Token perpetual contracts on Bitmex has failed to generate the expected price reaction, with the ShibaSwap governance token’s performance remaining sluggish following the centralized exchange’s listing declaration.
Bitmex Listing and Market Response
Bitmex recently unveiled the official listing of Bitcoin and Tether-margined BONE perpetual contracts, encompassing BONEUSD and BONEUSDT trading pairs. Despite generating initial excitement and optimistic expectations within the community, the ShibaSwap governance token, BONE, exhibited a relatively unresponsive trajectory in terms of price movement.
BONE Token Price Surrounding Listing Announcement
Immediately preceding the listing announcement, BONE held a value of $1.285. However, in the moments following the announcement, BONE’s value experienced a minor dip of 1.4%, settling at a low of $1.267.
Subsequently, the token saw a brief ascent to a peak of $1.28 before returning to its initial level of $1.27.
Continued Downward Trend and Recent Performance
Over the past 5 to 6 days, BONE’s price has demonstrated a consistent downward trend. The token started the week trading at a low of $1.17 before experiencing a surge to a weekly high of $1.45 on August 24th, driven by various factors that contributed to this substantial price increase.
However, the token’s value has gradually declined since that peak, reaching a 24-hour high of $1.29 today.
Anticipating BONE Token Future Price Movement
Despite the tepid initial response to the Bitmex listing, some members of the community remain optimistic about potential price gains later in the week. The actual completion of the listing for the trading pairs is scheduled, which might introduce further dynamics to BONE’s price action.
The BONE token’s lackluster performance following the Bitmex listing announcement highlights the unpredictable nature of cryptocurrency markets. While the initial buzz and anticipation did not immediately translate into significant price movement, the upcoming days may hold potential for renewed price activity.
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