Shiba Inu (SHIB)

Initially popularized as a meme coin after Dogecoin’s (DOGE) 2021 price gains, Shiba Inu has matured into a community-led project.

To support growth, Shiba Inu introduced tokens like Bone ShibaSwap (BONE) to bolster its ShibaSwap decentralized exchange (DEX). However, the Shiba Inu ecosystem and BONE have not achieved the anticipated user growth rate.

Shiba Inu’s User Acquisition Metric Hits New Low

Data from IntoTheBlock indicates a downturn in new user adoption within the Shiba Inu ecosystem. This metric decreased to a multi-year low in February, reaching 12.73%. This figure marks the lowest rate of new adoption in almost two years, with a previous low of 5.20% occurring in March 2023.

Community Perspective: BONE Token Could Mirror Past Crypto Success

Despite data showing slower adoption, Shiba Inu content marketer Lucie offered perspective on social media. She reminded the community that major cryptocurrencies such as Cardano (ADA) and XRP initially experienced years of subdued price action before achieving significant market value. Lucie suggests that BONE might follow a similar long-term pattern.

Taking to X (formerly Twitter), she wrote, “Before you’re giving up on BONE, think of Cardano (2017) or XRP (2012) —both were pretty flat for years.”

XRP and ADA: Illustrative Examples of Price Appreciation Over Time

XRP, for example, has seen several major price surges throughout its history, substantially increasing to an all-time high around $3.84 in January 2018. Recently, in 2024, XRP’s price rose by almost 300%, moving from $0.52 in November 2024 to over $3 by January 2025. This growth was linked to anticipation of a more crypto-friendly regulatory stance from the Trump administration.

Cardano provides another example of significant price appreciation over the longer term. In February 2021, its price increased by approximately 800%, climbing from $0.18 to $2.46. Subsequently, in March 2025, following President Trump’s strategic crypto reserve announcement to include Cardano, ADA’s price rose 78% to $1.14.

BONE’s Present Market Valuation and Technical Support Considerations

As of now, BONE is trading at $0.24 and is down by more than 11% in the last 24 hours. Despite its current low price, one technical analyst pointed out that BONE is currently holding robust support levels, with a projected price target of $2.50.

Broader market trends, including renewed interest in memecoins, particularly SHIB and PEPE, could contribute to improved investor sentiment.

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