BONE ShibaSwap Way Too Honest Crypto Review and Price Prediction for Shiba Inu’s DAO Token
BONE ShibaSwap is a crypto I’m about to review for you with utmost honesty. I aim to tell the truth since many in the crypto world tend to exaggerate. I’ve been in this game for nine years and have made a profit every year, except for my first year in crypto.
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I have a knack for picking winners and spotting losers. Here’s a hint: most altcoins end up being losers. Yet, every time I review a coin, I hope I’ve found a gem. I’m going to review Bone’s ShibaSwap in real-time, even though I know little about it, other than it’s part of the Shiba Inu $SHIB ecosystem.
This review aims to serve as a template for you to see how to do your research. Hopefully, my analysis will save you some time. When I review a crypto I like, I usually do extensive research because, much like dating, it’s easier to avoid someone than to disentangle from them later.
Now, let’s examine Bone ShibaSwap on Coinmarketcap. As of now, it’s almost in the top 100 cryptos. If we exclude stablecoins, it would rank even higher. However, its volume is disappointing. At a glance, the circulating supply appears promising. The overall chart doesn’t show the typical pump and dump pattern, which is a good sign. Although its value remained at $3 during the last bull market, so it might not be the next big thing.
First impressions do matter. This token has lost 97% from its all-time high, which was probably right when it launched or even before its Coinmarketcap listing. It’s unfortunate for the naive investors who bought it at that high price. But, that’s the volatile nature of crypto. Most altcoins end up costing you, especially in a bullish market.
Not surprisingly, it’s an ERC 20 token. I was hoping it wouldn’t be, as I generally don’t invest in the Ethereum ecosystem. The Ethereum network has a history of scams, and ERC 20 tokens are infamous for their high gas fees and lack of long-term value. But sometimes, there are exceptions.
Currently, Bone ShibaSwap has around 91,000 holders. When calculated, it translates to roughly $2000 per holder. This might be a bit overvalued given the number of holders, but it’s relatively better than many other altcoins. However, the token distribution is quite centralized. For instance, the top 500 holders own a significant portion, which could impact the token’s price if they decide to sell.
To better understand any altcoin, one should always compare it with Bitcoin. And in this case, Bone ShibaSwap’s centralization stands out even more. While Bitcoin’s top holder has only 2%, Bone ShibaSwap’s top holder has a whopping 10%.
Now, diving deeper into the Shiba Inu ecosystem, I must say, I’m not a fan. Although it has a solid community backing and impressive branding, it seems more like a clever scheme than a genuine project. Introducing more tokens like Bone and Leash feels like an attempt to make more money, especially when the main Shiba Inu token’s performance has been lackluster.
From a technological standpoint, Bone ShibaSwap doesn’t seem promising either. Its transaction volume is not impressive, especially when compared to other cryptos like Solana or Internet Computer, which have better technology and more daily transactions.
Furthermore, being an Ethereum-based token means dealing with high gas fees, which can quickly eat into any profits. And while Bone is pitched as a governance token for the ShibaSwap platform, I don’t see its long-term utility. Considering that the team can introduce more tokens anytime, the value and utility of Bone might diminish.
In conclusion, I wouldn’t recommend investing in Bone ShibaSwap. From its association with the controversial Shiba Inu ecosystem to its lackluster performance and questionable utility, there are better investment options in the crypto world. As always, do your research before investing in any cryptocurrency.
Now, could this have a speculative pump? Some of you that are in my discord have asked me to address that aspect of it. Sure, this could have a speculative pump, I would guess with the layer two launching this may have been it’s speculative pump up over. It looks like there have been multiple little speculative pumps on this, but you’ll notice that all the value is almost instantly been lost on every one of these speculative pumps where the price here goes some $0.30, does a 6x in just a few months, almost immediately loses almost all the value. Does another pump, loses almost all the value. And to me this because you’ve got people as soon as this pumps, they’re waiting to cash out insiders that are just sitting on this, waiting to cash out the doggy dao. I mean, there’s no real value that I see in holding any tokens from a dog. Courts have also ruled that holders of DAO tokens can be held liable depending on what happens on their protocol.
So if something sketchy goes down on Shiba Inu, which absolutely could, if you’re holding a doggy Dao token, there is a theoretical possibility that you could be held liable and legal action could be initiated against you and other holders based on what the team themselves did. Now how likely is that? I don’t know. But it’s an additional risk with holding any DAO token. And what value is there to voting with the DAO? You can see that clearly the insiders have enough in their wallets to mean that whatever you try and vote on is pretty meaningless unless you can buy your way into the top 500 wallets. Your vote does not matter. And it’s not like going and voting in an election where maybe your vote doesn’t matter either, but at least your vote is equal to everybody else’s. You know, as long as there’s no tampering going on, which you would hope there’s not. But at least in theory, your votes are equal to everyone else’s. In the DAO, somebody’s sitting on ten, 20% of supply and all their friends, they make the decisions. It’s useless. So this to me is absolute garbage. There’s no way I would touch this. If somebody dropped this in my wallet, I would sell it immediately and put it into Bitcoin or Solana or Internet computer or put the money in the bank. So as I would guess that they’re just going to keep launching these new tokens, and especially coming into the next bull market. They’ve already launched two more new tokens in the history of Shiba Inu. And if that means, you know, what’s to stop them from launching more, if they actually launch more tokens, then it just keeps distracting from the thing itself.
The glory days of Shiba Inu are gone and had its big pump in November 2021, and to me it’s almost all down from here. It’s continued to lose value against Bitcoin. To me, this is just a big manipulation. Almost only insiders made money here and almost every regular person who’s bought Shiba Inu has lost money. I’m embarrassed to say I actually bought 100 or so and Shiba Inu myself last year after I had just made a whole bunch of money in crypto. I just made a 50 x, I threw 100 and a Shiba Inu like good learning opportunity.
I’ve made money in crypto every year the last nine years by making smart decisions in crypto and learning from my mistakes, which sometimes I’ve had to make them over and over and over again to finally learn them. So if you’d like things to be easier on crypto, if you’re tired of getting ripped off, then go to JerryBanfield.com and click the button to schedule a call with me.
You’d be amazed how much I can help in a one hour call, and when you schedule the call, you get lifetime access to my Discord server, which means that you have lifetime access to message me, to ask questions, to connect with the community of 100 plus people that are in my new Discord server that have already had calls of me and that have their own ideas that are often similar to mine.