Shiba Inu’s Biggest Whales Accumulating BONE Tokens
The Shiba Inu ecosystem has seen a surge in BONE Shibaswap investors, particularly among the biggest whales who are increasing their holdings. Whale wallets holding BONE tokens have raised their concentration in the ecosystem to over 43%, according to data from IntoTheBlock.
Anticipation of a Rally Prompts Whale Wallets to Load Up on BONE
BONE (Shibaswap) is an important token in the Shiba Inu ecosystem and experienced a bullish trend after the launch of Shibarium, reaching $1.70 in August. However, the token has since lost most of its gains and is currently trading at $0.7813 with a market cap of $195 million and a max supply of 230,003,023 BONE tokens.
Despite this decline, whale addresses still hold a significant portion of the market cap, with 12 addresses owning 108.53 million tokens. These whales have been consistently accumulating more BONE tokens over the past month.
Concentration Shifts Among Different Types of Addresses
The net flow between addresses holding at least 0.1% of the total market cap has increased by +272.92% in a 7-day timeframe. Additionally, the concentration of BONE tokens in whale addresses (holding more than 1% of the total supply) has risen by +19.74% over the past 30 days.
On the other hand, concentration in investor addresses (holding between 0.1% and 1% of the total supply) has decreased by 1.37% in the same period.
Potential Bullish Momentum Based on Recent Price Action
Although BONE has been trending downwards since the introduction of Shibarium, recent data suggests that a bullish momentum might be building. Only 34% of holders are currently making money at the current price, but the increase in large wallet holdings and a 33.48% surge in the 24-hour trading volume indicate a potential increase in buying pressure from retail investors.
The current price of BONE is at a major support zone of $0.76. If bulls react positively to this support level, it could trigger a rally. Conversely, a break below the support may lead to further price decline.
Renouncement of BONE Smart Contract
In recent news, Shiba Inu’s lead developer has renounced the BONE smart contract, making the token fully decentralized. This development adds another layer of significance to the ongoing dynamics within the Shiba Inu ecosystem.
Hot Take: Will Whale Accumulation Fuel a Bullish Reversal for BONE?
With the surge in whale accumulation of BONE tokens and signs of potential bullish momentum building, there is speculation that a reversal in the token’s price may be on the horizon. The concentration of BONE tokens among whales suggests strong confidence in its future prospects.
However, market conditions can be unpredictable, and it remains to be seen whether these developments will indeed lead to a significant rally for BONE. Traders and investors should closely monitor the market and consider various factors before making any investment decisions.
Source: IntoTheBlock
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