With Bitcoin hovering at around $30,000, the weekend crypto watch continued to focus on the coin’s steady gains and the resulting increase in market capitalization of the wider cryptocurrency sector. However, the biggest surprise of the weekend was the surge in the price of Bone ShibaSwap, a relatively new DeFi token, which launched this summer. Thanks to a 50% increase in price over the past week, Bone ShibaSwap has entered the top 100 tokens by market capitalization, a remarkable feat for a coin of its size. As the DeFi boom continues, the Saturday watch focused on this surprise newcomer to the cryptosphere.
1. Bone ShibaSwap Makes Explosive Gains
- Bone ShibaSwap is the latest decentralized exchange (DEX) to be introduced to the blockchain space. A DEX is a platform for users to buy and sell digital assets without the need for the presence of a third-party intermediary.
- The exchange has been developed to increase convenience, security, and trust in the buying and selling process. It is powered by Bone Protocol, which has been hailed by many investors as being one of the best decentralized solutions available for trading.
- The Boneswap exchange launched on June 10th, 2020, and within its first few weeks, the platform saw unprecedented growth. It quickly gained the attention of investors who were looking to expand their cryptocurrency portfolio and attracted many new traders, making it one of the fastest growing DEXs around.
- The platform has proved itself to be extremely successful in such a short time, making it the go-to ‘hot’ exchange for those looking to expand. As it gains more investors, it looks like Bone ShibaSwap could continue to make gains for some time to come.
2. BTC Price Remains Relatively Static
The crypto market has been in a downward trend since the 2019 high of $13,890 USD. Despite the market downturn, the number one crypto asset by market capitalization, Bitcoin (BTC) has failed to suffer the same losses as its fellow altcoins.
BTC has recently been fluctuating within a $9,200 to $9,900 price point, trading in and around $9,500. This range has become the norm for Bitcoin in recent months, a sharp contrast to low volatility seen in 2019 and early 2020.
Industry experts have attributed BTC’s relatively low volatility to a variety of factors. They theorize that the price range allows for favorable trading conditions among retail and institutional investors alike.
The influx of institutional investors is widely credited for much of the crypto market rally from Q2 of 2020 and into 2021. Though retail investors were known to be some of the earliest adopters of digital currencies, institutional investors have become increasingly involved in cryptocurrency trading over the last couple years.
These investors could also be found to be using the current trading range as an opportunity to buy into the asset class, expecting the market to choose one of two directions from its current mid range point.
Ultimately, Bitcoin’s decision to remain relatively static has created a new trade opportunity for investors both new and old. Whether BTC chooses to break out of its current price range or not has yet to be seen.
3. Analyzing Potential Factors Behind Bone ShibaSwap’s Surge
Audience: Technical.
The current trading surge of Bone ShibaSwap has raised various questions amongst seasoned market watchers. This article explores potential reasons that may be responsible for Bone ShibaSwap’s meteoric rise.
Intuitive User Interface – Bone ShibaSwap has a simple and easy-to-use user interface that allows users to monitor their portfolio and see how various assets are performing without having to search through multiple sources. This makes it attractive to novice traders who don’t want to spend too much time learning complicated trading interfaces.
Robust Security – Bone ShibaSwap ensures its users feel safe with a high level of data encryption and user authentication protocols. Together with its cold storage of customer funds, this helps create confidence amongst its traders, which can give an incentive for investors and traders to stay with the platform.
High Liquidity – Bone ShibaSwap also provides a wide range of trading pair pairs and high liquidity on each pair. This means that traders can quickly switch between assets without having to worry about slippage or large spreads. This encourages traders to buy and sell more frequently, which can lead to higher trading volumes and higher prices of a given asset.
Low Fees – Bone ShibaSwap has some of the lowest trading fees in the industry, which helps encourage more users to join the platform. These lower transaction fees help to encourage more traders to take place, and this can drive up the overall price of an asset.
4. What to Expect From Bone ShibaSwap in the Weeks Ahead
Growing Liquidity Pool on ShibaSwap
The weeks ahead are set to be exciting ones for ShibaSwap traders as the Bone DeFi project is gearing up to expand the liquidity pool. ShibaSwap is the first DEX-based, end-to-end DeFi trading solution on Binance Smart Chain. It allows users to trade digital assets directly from their wallets with zero trading fees. As the platform continues to grow, Bone DeFi now plans to expand the liquidity pool in the weeks ahead.
Unique Governance Model for Bone ShibaSwap
The Bone DEX ecosystem will allow its community members to propose trades among its partners, budget new features, and ultimately, decide how to allocate the funds from fees. This decentralized, automated governance process sets ShibaSwap apart from other DeFi platforms and is sure to attract a host of users in the next few weeks.
New Interoperability Features for Bone ShibaSwap
The Bone DEX project is also adding new features to its platform. These will include interoperability between other DeFi projects, thereby enabling cross-chain transfers. This technology not only promises to increase liquidity but also make ShibaSwap a more convenient and more attractive choice for traders.
Introducing Flexible Fees for Bone ShibaSwap
In addition to its impressive new features, the Bone DEX project will also be introducing flexible fees. This means that users can choose to set or modify their trading fees depending on the type of trade they are carrying out. This is sure to be particularly attractive for those traders who make frequent trades and will ensure that Bone ShibaSwap remains competitive in the weeks ahead.
Overall, Bone ShibaSwap’s 50% weekly growth is a sign of the shifting cryptocurrency landscape, while BTC remains the most powerful currency and foundation for other currencies. As the weekend approaches, it’s worth watching how the cryptocurrency market trends the next few days, to see what impacts this week’s events have.