Bone ShibaSwap Plummets 32% Monthly as OKX Delists Token

Shiba Inu (SHIB) is a meme coin that has developed into a comprehensive ecosystem over the past few years. One of the most popular tokens within this network is Bone ShibaSwap (BONE).

Recently, BONE has experienced significant declines, with a 32% drop on a monthly scale and a 12% plunge in the past 24 hours. The primary cause of this downturn is OKX's decision to withdraw its support for the meme coin. The cryptocurrency exchange announced that it will delist several digital assets on July 7, including BONE. OKX has already suspended deposits involving the token, and withdrawals will be terminated by the end of September.

OKX, with over 50 million users globally, is one of the leading exchanges in the field. When such a major exchange withdraws support for a token, it often leads to negative price impacts due to reduced liquidity, limited access, and potential reputational concerns. BONE was introduced in the summer of 2021 alongside the debut of ShibaSwap, Shiba Inu’s decentralized exchange. It serves multiple functions, including enabling holders to vote on development proposals, serving as a reward for liquidity providers, and functioning as a gas token for Shibarium. During its early days, its price skyrocketed above $15, but it currently trades at around $0.18.

In response to the delisting, Shibarium’s marketing strategist, LUCIE, addressed the community's concerns. LUCIE acknowledged the panic surrounding the delisting by two unnamed exchanges but emphasized the advantages of decentralized finance (DeFi) over centralized platforms. LUCIE stated, “I trust DeFi. Use good exchanges only to exchange. We’re here to build and embrace DeFi – and simplify it so even beginners can onboard without needing 2FA, KYC, and a blood sample just to get started.”

LUCIE also highlighted that SHIB and other cryptocurrencies, such as XRP, have faced similar FUD (Fear, Uncertainty, and Doubt) but have managed to survive. The executive reminded the community of the collapse of former giants like FTX and WazirX, suggesting that centralized exchanges are not immune to such failures. This incident underscores the volatility and risks associated with relying on centralized platforms, emphasizing the importance of embracing DeFi for a more resilient and decentralized financial future.