BONE To Binance? Shiba Inu Army Campaigns For Listing

A new campaign spearheaded by the fervent Shiba Inu community, known as the SHIB Army, is gaining momentum. Their objective? To secure a listing for Bone ShibaSwap (BONE), the utility token at the heart of the Shibarium Layer 2 blockchain, on the world-renowned crypto exchange, Binance.

Will Binance List Shiba Inu’s BONE?

Despite the significant enthusiasm surrounding BONE and its integral role within the Shibarium ecosystem, the token has not yet found its way onto Binance’s listing. However, a beacon of hope shines through Binance Futures’ innovative platform, Binance Next Pool, where community-led campaigns can directly influence potential token listings.

Lucie, the marketing lead of the Shiba Inu team, has been at the forefront of rallying the troops. Via a compelling call to action on  X, Lucie urged the SHIB Army to leverage their collective power by voting for BONE’s inclusion. “Let’s unite as the superheroes we are, SHIB ARMY. Time to cast our votes for BONE on Binance,” Lucie stated.

The mechanics of the Binance Next Pool are straightforward yet ingenious. Participants engage by acquiring “Picks” at the cost of 1 USDT each, which can then be allocated towards predicting which tokens will next be listed on the Binance USD Margin futures market. With each participant allowed to invest up to 100 Picks per potential listing, the system fosters an environment of strategic participation.

As of the latest update, Shiba Inu’s BONE has made a commendable showing 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 in the race, the SHIB army can still turn the tables.

Members of the Shiba Inu Army have not shied away from expressing their dedication and urging others to contribute. A community member, under the veil of anonymity, shared their commitment of 20 Picks towards BONE, alongside a message that resonated with both encouragement and a sense of duty, “SHIBARMY, if you want your BONE on Binance, do your part and don’t complain later. I did mine.”

However, Binance has maintained a stance of neutrality and thoroughness in its listing review process. The exchange clarified that while the Next Pool allows the community to showcase their support for tokens, such popularity does not automatically guarantee a listing on the Futures market. Binance Futures adheres to a meticulous and unbiased evaluation criteria for all assets, ensuring that decisions are made with integrity and due diligence.

BONE Price Analysis

The BONE price is displaying a strong performance recently. Within the last 24 hours, BONE gained 20%, 75% in the last seven days. The 1-day chart of BONE/USD shows that the Shibarium utility token is on the verge of a breakout.

Examining the Exponential Moving Averages (EMA), there’s a clear upward trend with the 20-day EMA ($0.8566) positioned above the 50-day ($0.7335), 100-day ($0.7414), and 200-day ($0.7717) EMAs. This bullish crossover typically indicates growing positive momentum; however, the failure to close above the channel casts some doubt on the immediate continuation of the uptrend.

However, the daily chart reveals a descending channel that has historically confined BONE’s price action since February 2023. The recent price spike (on Monday) above the channel’s upper edge signifies an attempted breakout, but the inability to close above this level may suggest that the channel’s resistance remains formidable, potentially forcing BONE’s price back into its previous range.

Notably, the RSI reading is at 74.56, flirting with overbought conditions, which may presage a forthcoming correction or consolidation phase. The RSI’s current positioning underscores the rejection at the channel’s resistance level, hinting that the asset’s price could be overextended.

Featured image from Gfinity Esports, chart from TradingView.com