Will Binance List Shiba Inu’s BONE?
A burgeoning movement led by the passionate Shiba Inu community, known as the SHIB Army, is gaining traction. Their aim? To secure a listing for Bone ShibaSwap (BONE), the essential token within the Shibarium Layer 2 blockchain, on the esteemed crypto exchange, Binance. Despite the considerable excitement surrounding BONE and its pivotal role in the Shibarium ecosystem, the token has yet to be listed on Binance. However, there’s a glimmer of hope through Binance Futures’ innovative platform, Binance Next Pool, where community-driven campaigns can directly influence potential token listings.
Lucie, the marketing lead of the Shiba Inu team, has been leading the charge. Through a compelling call to action on X, Lucie urged the SHIB Army to harness their collective power by voting for BONE’s inclusion. “Let’s come together as the superheroes we are, SHIB ARMY. It’s time to cast our votes for BONE on Binance,” Lucie exclaimed.
The mechanics of the Binance Next Pool are simple yet ingenious. Participants engage by purchasing “Picks” at the cost of 1 USDT each, which can then be allocated towards predicting which tokens will be listed next on the Binance USD Margin futures market. With each participant permitted to invest up to 100 Picks per potential listing, the system encourages strategic participation.
As of the latest update, Shiba Inu’s BONE has shown promise in the nominations pool, amassing 19,389 Picks. While it trails behind Delysium (AGI) with 74,337 picks, Bittensor (TAO) with 23,384 picks, and Baby Doge Coin, the SHIB Army still has the potential to make a significant impact.
Members of the Shiba Inu Army have openly expressed their dedication and urged others to contribute. A community member, speaking anonymously, shared their commitment of 20 Picks towards BONE, alongside a message that conveyed both encouragement and a sense of responsibility, “SHIB ARMY, if you want your BONE on Binance, do your part and don’t regret it later. I’ve done mine.”
However, Binance has maintained a position of impartiality and thoroughness in its listing review process. The exchange clarified that while the Next Pool allows the community to demonstrate their support for tokens, such popularity does not automatically ensure a listing on the Futures market. Binance Futures adheres to a meticulous and unbiased evaluation criteria for all assets, ensuring decisions are made with integrity and careful consideration.
BONE Price Analysis
The recent performance of the BONE price has been nothing short of remarkable, exhibiting a notable surge in value across multiple time frames. Over the past 24 hours, BONE has demonstrated an impressive gain of 20%, while its ascent over the last seven days has been even more staggering, boasting a remarkable 75% increase. This surge in value has positioned the Shibarium utility token on the cusp of a potential breakout, as depicted by the 1-day chart of BONE/USD.
Delving deeper into the market dynamics, an examination of the Exponential Moving Averages (EMA) reveals a compelling upward trend. The 20-day EMA, standing at $0.8566, holds a commanding position above the 50-day ($0.7335), 100-day ($0.7414), and 200-day ($0.7717) EMAs. Such a bullish crossover typically signals a robust positive momentum in the market. However, the failure to secure a close above the channel raises pertinent questions regarding the sustainability of the uptrend in the immediate term.
Further scrutiny of the daily chart unveils the presence of a descending channel that has consistently dictated BONE’s price trajectory since February 2023. Despite a notable surge in price on Monday, which propelled BONE’s valuation above the upper boundary of the channel, the subsequent inability to sustain this position underscores the resilience of the channel’s resistance. This development hints at the possibility of BONE’s price reverting back into its previous trading range, highlighting the formidable nature of the channel’s resistance.
Of significant importance is the reading of the Relative Strength Index (RSI), currently standing at 74.56 and approaching the overbought territory. This suggests a potential impending correction or consolidation phase. The positioning of the RSI further accentuates the rejection at the channel’s resistance level, implying that BONE’s price may have extended beyond its sustainable levels, warranting caution among investors. Thus, while the recent performance of BONE has been impressive, the market conditions indicate a need for vigilance and careful monitoring of key indicators moving forward.
