Big Break: BONE Visibility Gets Massive Boost From Latest Listing

March 27, 2024

Bone ShibaSwap (BONE) recently achieved an important milestone with its latest listing on a prominent global cryptocurrency exchange platform. This announcement marks a transformative moment for the gas fee token of Shibarium, transcending conventional market dynamics. 

LBank, the Hong Kong-based full-service digital asset platform that offers token trading, futures trading, and perpetual swap trading, among others, announced this week that it had listed the BONE USDT-M perpetual contract. The crypto exchange’s official website detailed that the contract pairs BONE with USDT (Tether) stablecoin for trading purposes.

Traders have the option to leverage their positions anywhere from one time (no leverage) to up to 50 times the amount of their initial investment, offering flexibility in their trading strategies. It has a tick size of 0.001 USDT, indicating the minimum price movement increment for the trading pair, allowing traders to track even small price changes accurately. 

Additionally, funding fees for the perpetual contract are settled every four hours, ensuring that the contract’s price closely aligns with the spot price of BONE. This listing not only enhances BONE’s stature but also solidifies its position within the broader cryptocurrency landscape, affirming its relevance and influence in the industry.

When a crypto asset like BONE USDT-M is listed as a perpetual contract by a crypto exchange, it means that traders can engage in derivative trading based on the price of BONE paired with USDT as the underlying asset. Perpetual contracts, unlike traditional futures contracts, do not have expiration dates and are designed to track the real-time price of BONE. 

Traders can utilize leverage to take long or short positions, allowing them to control larger positions with a smaller capital outlay. However, this introduces the risk of liquidation if trades move against them. 

Perpetual contracts often involve margin trading, where traders borrow funds to amplify their positions. Funding mechanisms ensure the contract price aligns with the spot price of BONE, with traders paying or receiving funding fees during funding periods. 

Despite offering profit opportunities, trading perpetual contracts entails significant risks due to cryptocurrency market volatility. Traders should, therefore, exercise caution and employ risk management strategies such as stop-loss orders. 

But this latest listing of BONE USDT-M perpetual contracts provides traders with additional avenues to speculate on BONE’s price movements, although it comes with increased complexity and risk compared to traditional spot trading.

As of 9:41 a.m. ET on Wednesday, Bone ShibaSwap was trading at $0.916846, boasting a 24-hour trading volume of $13,091,441. Over the past 24 hours, BONE has experienced a decline of 4.62%, although it has demonstrated resilience over the broader timeframe, showing a 5.60% increase in the past seven days and an impressive surge of 40.27% over the last 30 days. 

The official gas fee token of Shibarium currently commands a live market cap of $210,804,350, with a circulating supply of 229,923,351 BONE tokens, according to the latest data from CoinMarketCap.

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