The Shiba Inu (SHIB), originally gaining traction as a meme coin in the wake of Dogecoin’s (DOGE) 2021 price surge, has now evolved into a project backed by a dedicated community. In its pursuit of growth, Shiba Inu had introduced tokens like the Bone ShibaSwap (BONE) to facilitate its decentralized exchange (DEX), ShibaSwap. However, the Shiba Inu ecosystem and BONE have been less successful than expected in attracting new users.
Data gathered by IntoTheBlock demonstrates a clear slump in the rate of new user adoption within the Shiba Inu ecosystem. The metric fell to a multi-year low in February, hitting 12.73%. This statistic represents the lowest rate of adoption in almost two years, with the last significant low of 5.20% occurring in March 2023.
Despite the data indicating slower adoption rates, Shiba Inu’s content marketer Lucie took to social media to offer some perspective. Lucie reminded the community that major cryptocurrencies like Cardano (ADA) and XRP initially underwent years of quiet price action, trading sideways before eventually experiencing a significant increase in market value. She proposed that BONE might follow a similar trajectory over time.
Lucie took the opportunity to compare BONE’s current situation with that of Cardano in 2017 and XRP in 2012, stating on X (formerly Twitter), “Before you’re giving up on BONE, think of Cardano (2017) or XRP ( 2012)—both were pretty flat for years.”
XRP serves as a valid example, having experienced multiple major price surges throughout its history. It reached an all-time high of around $3.84 in January 2018. More recently, in 2024, XRP’s price rose by almost 300%, jumping from $0.52 in November 2024 to over $3 by January 2025. This growth was largely attributed to the crypto-friendly regulatory outlook anticipated from the Trump administration.
Cardano is another illustration of significant price appreciation over a longer period. In February 2021, its price soared by approximately 800%, moving from $0.18 to $2.46. Then, in March 2025, after President Trump announced plans to include Cardano in a strategic crypto reserve, Cardano’s price leapt 78% to $1.14.
At present, BONE is trading at $0.24 and has dropped by more than 11% in the last 24 hours. However, a technical analyst has highlighted that BONE is maintaining strong support levels, with a projected price target of $2.50. Broader market trends, including a revived interest in memecoins, particularly SHIB and PEPE, could positively impact investor sentiment.
