BONE Price Sluggish Despite Listing on This Major Exchange

Bitmex introduced BONE perpetual contracts to a lukewarm market response earlier today, but the token has maintained a sluggish performance since the centralized exchange’s listing announcement.

A few hours ago, Bitmex announced the official listing of Bitcoin and Tether-margined BONE listings, which include BONEUSD and BONEUSDT.

More listings for #SHIBARMY are arriving tomorrow:$BONE $USD$BONE $USDT

…with up to 5x leverage.

Contract details https://t.co/Y4gxlsvyE0 pic.twitter.com/PngXxKoz83

— BitMEX (@BitMEX) August 29, 2023

• The statement immediately caused hype within the community, with many responding with high hopes and anticipated enhanced price gains.
• However, the ShibaSwap governance token, BONE, continued its relatively flat trajectory despite the buzz, as seen on market charts.

BONE 1-day price chart. Source: CoinGecko

• Just before the announcement, BONE was trading at $1.285. Soon after it was made public, BONE took a slightly declining path, dropping by 1.4% in minutes to a low of $1.267.
• The charts then show a brief increase to a high of $1.28 before settling back to the level of $1.27.
• In recent hours, BONE’s price has mirrored the downward trend observed in the past 5 to 6 days.

BONE 7-day price chart. Source: CoinGecko

• Earlier in the week, BONE was trading at a low of $1.17 before surging to a weekly high of $1.45 on Aug. 24. Here are some of the reasons behind that massive price pump.
• However, since then, BONE has been losing value slowly to today’s 24-hour high of $1.29.
• Based on the tweet, the actual listing of the pairs will be completed tomorrow. Hence, some still anticipate price gains later in the week.

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