TL;DR

A popular meme coin within SHIBs ecosystem nosedived by double digits after OKX withdrew its support. Team member LUCIE addressed the panic, urging users to embrace DeFi over centralized platforms and warning that even major exchanges aren’t immune to collapse.

BONE Heads South

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

The asset has not been in its best shape lately, posting a 32% decline on a monthly scale and plunging by 12% in the past 24 hours alone.

BONE Price, Source: CoinGecko The main reason triggering the latest downfall is OKXs decision to withdraw its support from the meme coin. The well-known cryptocurrency exchange announced that it will delist several digital assets on July 7, with BONE included in the list. 

OKX has already suspended deposits involving the token, while withdrawals will be terminated by the end of September. 

We will continue to monitor all listed trading pairs and implement the delisting/hiding mechanism as necessary, the company concluded.

OKX boasts over 50 million users globally and is among the behemoths in its field. When it withdraws support for a token, it often leads to negative price impacts driven by reduced liquidity, limited access, and potential reputational concerns.

BONE saw the light of day in the summer of 2021 alongside the debut of ShibaSwap Shiba Inus decentralized exchange. It enables holders to vote on development proposals and influence protocol decisions, serves as a reward for liquidity providers, and functions as a gas token for Shibarium. During its early days, its price skyrocketed above $15, while currently, it trades at a mere $0.18. 

The Communitys Reaction

One person who gave their two cents on the delisting effort is the X user LUCIE, who serves as Shibariums marketing strategist. The team member thinks theres much panic over two (unnamed) manipulative exchanges that have withdrawn their support from the token. 

LUCIE said they dont want to be involved in the drama, putting their trust in DeFi and highlighting its advantages over centralized platforms:

I trust DeFi. Use good exchanges only to exchange. Were 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.

Shibariums executive also noted that SHIB and other cryptocurrencies, like XRP, have faced similar FUD (Fear, Uncertainty, and Doubt) but have survived the backlash over the years. At the same time, LUCIE reminded about the demise of former giants like FTX and WazirX, hinting that centralized exchanges are not immune to another collapse of that type.