There is one more obvious distinction, though: whereas there are up to 1.3 million SHIB holders, only roughly 77,000 BONE holders exist.

The token of ShibaSwap, the Shiba project’s DEX, is the BONE cryptocurrency.

Yet, whereas Shiba Inu’s token, SHIB, has only increased by 36% in 2023, BONE has had an outstanding +76% growth from the year’s beginning.

In actuality, 55% of the addresses holding SHIB currently appear to be losing money, whilst 74% of the locations holding BONE currently look to be generating money.

Price of the BONE cryptocurrency

BONE has only been around since September 2021, whereas SHIB first appeared on the cryptocurrency marketplace in 2020.

Its price peaked at over $3.2 a few months after it entered the crypto exchanges, during a bull run, but then it started to decline.

Not the contrast to the peak in November 2021, where it is currently down 53%, but the comparison to the original price of $0.96, where it is currently up 58%, is startling.

The highest price BONE ever reached, excluding the bull run of October and November 2021, was just over $2 in September of last year, which is just 33% higher than the current price.

In other words, it appears like ShibaSwap’s token price volatility is far lower than SHIB’s.

Yet, the price also dropped below $0.3 in May of last year, following the collapse of the Terra/Luna ecosystem, and is now 400% greater than it was then.

The fact that the price of BONE attempted to return to $2 by the end of February 2023 is also highly puzzling, albeit it was only successful for a little period of time.

In light of this, it appears plausible to claim that, barring exceptional circumstances, its price has varied between $0.5 and $2 since its beginning, which is within a rather narrow range for crypto markets.

When compared to SHIB

From this perspective, the connection to the price variations of SHIB effectively drives home the argument.

With the exception of 2020 and early 2021, when the last significant bull run had not yet begun, the price of SHIB similarly had a single enormous peak in October 2021.

The price of SHIB has been fluctuating between $7 million and $32 million since that top, which is a rise that isn’t much higher than that of BONE. After that peak, it briefly reached slightly above $20 million again in January 2022.

The price path of BONE has therefore resembled that of a Shiba Inu from the height of the cryptocurrency exchanges in November 2021.

As a result, the two trends are comparable, which makes the variations all the more intriguing.

The increases made in 2023 are the first significant differential, with BONE reaching +76% while SHIB stops at +36%.

The second distinction is that, whereas SHIB’s price has not reverted to 32 thousandths of a dollar since February 2022, BONE’s price returned to $2 as early as September 2022.

In other words, although SHIB has not fully recovered from the 2022 collapses, BONE has.

The vast discrepancy in the proportion of wallets in profit is explained by this, in part because it would otherwise go unexplained given that SHIB has been around longer and was worth virtually nothing prior to the 2021 bull run.

As a result, it appears that SHIB only generated excellent returns up to its peak in late 2021, whereas BONE had superior returns after that.

Nevertheless, there is another obvious distinction: although there are around 77,000 BONE holders, there are up to 1.3 million SHIB holders, or nearly 17 times more.

This number implies that many individuals purchased SHIB during the frenzy and enthusiasm, therefore it is not unexpected that they did so at such a high cost that they are today losing money.

This has just not been the case with BONE, which continues to be a specialised token likely bought by a more seasoned and maybe even somewhat more smart average audience.

This discrepancy is also evident in the daily trading volumes, with SHIB earning over $144 million and BONE remaining at little over $5 million.

In other words, BONE has not developed the buzz that marked Shiba Inu, particularly in 2021, which ironically enables it to have a more linear and calmer growth.

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