BONE Token Sees Increase in On-Chain Transactions
The BONE token, which is part of the Shiba Inu ecosystem, has had a quiet month in terms of price movement. However, there has been an increase in on-chain transactions within the Shiba Inu ecosystem, and BONE has not been left behind.
Some large SHIB holders have been increasing their holdings in anticipation of a new milestone for Shibarium. Additionally, BONE has seen an increase in large transactions, indicating that the token may be ready for a significant price appreciation.
Increase in BONE’s Large Transaction Volume
Over the past week, the daily volume of large transactions for BONE has surged. According to recent data from IntoTheBlock, the number of large transactions valued at $100,000 or more went from no activity at the end of October to over 5.17 million BONE tokens over the weekend. This suggests that there is a significant inflow of money into the token.
Furthermore, data shows that the largest BONE holders have been accumulating more tokens. Whale wallets holding more than 1% of the total supply now account for 44.03%, up from 43.41% last month. Additionally, wallets holding between 0.1% and 1% of the circulating supply have also increased their holdings. This indicates a growing interest from whales.
Bearish Sentiment Reversal? Road to $1?
While there has been an increase in large transactions and whale interest, broader on-chain signals suggest bearish sentiment among retail traders. Small investors’ interest in BONE has decreased over the past month. Currently trading at $0.71, the token is down by 64% from its yearly high of $2.20 in February.
Hot Take: BONE Token Shows Potential Amidst Bearish Sentiment
The recent surge in large transactions and whale accumulation of BONE tokens indicates that the token is gaining traction and attracting interest. However, it is important to note that there is also bearish sentiment among retail traders. It remains to be seen whether BONE will be able to overcome this sentiment and reach its potential price of $1. As the Shiba Inu ecosystem continues to evolve, it will be interesting to see how BONE’s price movement develops in the coming months.
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