Shiba Inu (SHIB) Ecosystem Token Bone ShibaSwap (BONE) Hits New User Adoption Low

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

Shiba Inu (SHIB) has become a community-led project, initially gaining attention for its meme coin status following Dogecoin's (DOGE) remarkable price gains in 2021.

To foster growth, Shiba Inu has unveiled tokens like Bone ShibaSwap (BONE) to support its ShibaSwap decentralized exchange (DEX). However, the Shiba Inu ecosystem and BONE have not yet achieved the anticipated pace of user growth.

Shiba Inu's User Acquisition Metric Hits New Low

Data compiled by blockchain analytics firm IntoTheBlock reveals a decline in new user adoption within the Shiba Inu ecosystem.

This metric, which measures the percentage of new users joining the platform each month, dropped to a multi-year low in February, reaching 12.73%. This marks the lowest rate of new adoption in almost two years, with the previous low of 5.20% occurring in March 2023.

The visualization of this metric demonstrates a clear downward trend throughout 2024, particularly after the beginning of the year. This downturn is evident despite the efforts of the Shiba Inu team to introduce new tokens and expand the ecosystem.

Community Perspective: BONE Token Could Mirror Past Crypto Success

Despite the data showing slower adoption, Shiba Inu content marketer Lucie took to social media to offer some perspective. She noted that major cryptocurrencies such as Cardano (ADA) and XRP initially experienced several years of muted price activity. These tokens moved in a sideways channel for a considerable time before realizing 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."

Both XRP and ADA have seen several major price surges throughout their history. For instance, XRP's price rose substantially, reaching an all-time high of around $3.84 in January 2018. More recently, in 2024, XRP's price increased by almost 300%, moving from $0.52 in November 2024 to over $3 by January 2025. This growth phase 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.

As of now, BONE is trading at $0.24 and has decreased by more than 11% in the last 24 hours.

Despite its current low price, one technical analyst highlighted that BONE is showing strong support levels at $0.16, projecting a price target of $2.50.

This technical analysis aligns with broader market trends, including renewed interest in memecoins, particularly SHIB and PEPE, which could contribute to improved investor sentiment.