The Shiba Inu ecosystem is buzzing with excitement as BONE, a prominent token within the Shibaswap platform, shows signs of a potential bullish rally. Notably, some of Shiba Inu’s largest whales have been steadily increasing their BONE holdings, with their collective stake in the ecosystem now exceeding 43%, according to data from IntoTheBlock.
Whale Wallets Loading Up:
BONE (Shibaswap) has emerged as a key player within the Shiba Inu ecosystem, and it saw remarkable growth following the launch of Shibarium, reaching an impressive $1.70 in August. However, the subsequent period witnessed a cooling-off in the ecosystem, causing the token to shed most of its earlier gains.
As of the latest update, BONE is trading at $0.7813, boasting a market capitalization of $195 million, and a maximum supply of 230,003,023 BONE tokens. A noteworthy observation is that a significant portion of this market cap is concentrated among 12 whale addresses, collectively holding 108.53 million tokens. These whales have been actively accumulating BONE over the past month, indicating their optimism about its future prospects.
Whale Activity on the Rise:
On-chain data from IntoTheBlock reveals a staggering 272.92% increase in the net flow between addresses holding at least 0.1% of the total market cap over a 7-day period. Similarly, the concentration of BONE tokens in whale addresses, those wallets holding more than 1% of the total supply, has surged by 19.74% in the past 30 days. Conversely, investor addresses, which hold between 0.1% and 1% of the total supply, have seen a 1.37% reduction in their holdings during the same timeframe.
Bullish Signals Amidst Recent Price Action:
Despite the recent downward trend following Shibarium’s introduction, recent developments suggest that bullish momentum could be making a comeback. Notably, only 34% of BONE holders are currently in a profitable position at the current price. However, the increase in the holdings of BONE by larger wallets, combined with a substantial 33.48% surge in 24-hour trading volume, hints at a potential bullish reversal. This uptick in activity could lead to increased buying pressure from retail investors.
Currently, BONE is hovering around a significant support zone at $0.76. If bulls react positively to this support level, it might pave the way for a potential rally. Conversely, a breach below this support could signal a further decline in the token’s price.
Decentralization Milestone:
Adding to the intrigue, Shiba Inu’s lead developer recently renounced the BONE smart contract. This significant move means that developers no longer exert control over the token, marking a milestone in BONE’s journey toward full decentralization.
In conclusion, BONE’s recent whale activity and the potential for a bullish reversal in price suggest that exciting times may be ahead for this Shiba Inu ecosystem token. As always, crypto markets are subject to volatility, so investors should exercise caution and conduct thorough research before making any investment decisions.
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