BONE's price didn't react as many would have expected.
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.
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.
Wayne is a dynamic part-time trader with an impressive eye for detail. His passion for understanding financial systems has led to an intriguing interest in blockchain technology, and he enjoys exploring and writing about cryptocurrencies. Possessing a keen intellect and diligent work ethic, he stays up-to-date on the latest industry trends, regularly sharing his insights in articles and professional presentations.
