Shiba Inu-Based BONE Gearing Up For Massive Rally, Here’s Why
09 Outubro 2023 - 1:00PM
NEWSBTC
The Shiba Inu ecosystem has witnessed a recent surge in BONE
Shibaswap investors, as witnessed a recent surge in BONE Shibaswap
investors, as some of Shiba Inu’s biggest whales are loading up
their bags. According to data from IntoTheBlock, whales of BONE
tokens have boosted their holdings in the past month to increase
their concentration of the ecosystem to over 43%. Whale
Wallets Loading Up On BONE In Anticipation Of A Rally BONE
(Shibaswap) is one of the most important tokens in the Shiba Inu
ecosystem and has done well since the launch of Shibarium, as the
token went on a bullish trend to reach $1.70 in August. Since then,
things have cooled down in the Shiba Inu ecosystem, and the token
has lost most of this gain. Related Reading: Dogecoin In A Dire
Position As Daily Active Addresses Drop Drastically At the time of
writing, BONE is trading at $0.7813, has a market cap of $195
million, and a max supply of 230,003,023 BONE tokens.
On-chain data from intelligence company IntoTheBlock has shown that
most of this market cap is concentrated between 12 whale addresses
with 108.53 million tokens. However, these whale wallets have been
steadily accumulating BONE over the past month. Whale activity
rises | Source: IntoTheBlock The total net flow between addresses
holding at least 0.1% of the total market cap has increased by
+272.92% in a 7-day timeframe. A similar metric following the
movement of BONE tokens has shown that the concentration of these
tokens in whale addresses (wallets holding more than 1% of the
total supply) has increased by +19.74% in the past 30 days.
On the other hand, concentration in investor addresses (wallets
holding between 0.1% and 1% of the total supply) has reduced by
1.37% in the past 30 days. BONE holder concentration | Source:
IntoTheBlock Recent Price Action Shows Bullish Momentum Might Be
Building BONE is currently trending downward after having a bullish
run since Shibarium’s introduction. Data has also shown only 34% of
holders are making money at the current price. However, the
increase in large wallet holdings of BONE coupled with a 33.48%
increase in the past 24-hour trading volume is a bullish reversal
signal, as it can increase buying pressure from retail
investors. Related Reading: When Are AMMs Coming To XRP
Ledger? Ripple CTO Gives Clear Answer Price action reveals BONE is
currently at a major support zone of $0.76. A reaction to the
support by bulls might see a rally back up. On the other hand, a
break below the support might suggest a further fall in the price
of the token. This comes after Shiba Inu’s lead developer recently
renounced the BONE smart contract. Renouncing the contract means
developers no longer have control of the token, making it fully
decentralized. Token price sitting at $0.766 | Source:
BONEUSD on Tradingview.com Featured image from Watcher Guru, chart
from Tradingview.com
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