BONE, a token integrated within the Shiba Inu ecosystem, has spent the better part of a month in the shadows of the bustling crypto market, exhibiting minimal bullish activity. Yet, it seems the tides may be turning. The Shiba Inu ecosystem reports a burgeoning increase in on-chain transactions and an influx of key metrics for BONE suggest a potential significant appreciation in price.
Within this vivid ecosystem, several prominent SHIB whales have expanded their holdings in eager anticipation of a milestone for Shibarium. In a mirror move, BONE has seen its large transactions amplified, hinting at a forthcoming major price appreciation.
BONE, the governance token of ShibaSwap, showcased an explosive growth in large transaction volume this past week. Recent data from IntoTheBlock’s large transaction metrics indicate an astonishing surge, where previously stagnant, inactivity has given way to more than 5.17 million BONE tokens changing hands over the recent weekend. This influx suggests significant activity amongst high-level traders, a potential harbinger of a sharp uptick in BONE’s valuation.
Moreover, in an opportunistic manner, BONE’s most significant stakeholders have eagerly expanded their holdings. Recent on-chain data reveals ‘whale’ wallets, those holding more than 1% of BONE’s total supply, have now garnered 44.03%, showing a notable increase from last month’s 43.41%. Furthermore, investors commanding between 0.1% and 1% of the circulating supply have also increased their holdings to a significant 16.85%. Overall, the inflows into the two aforementioned tiers of addresses soared by 295% within seven days, indicative of a marked surge in interest amongst entity investors.
However, this torrent of large transactions and whale activity paints a double-edged picture. The heightened flow into large wallets and increased transaction volumes supplements valuations, but widespread on-chain indicators hint at a bearish trend from retail traders. This trend is particularly apparent as interest from smaller investors has somewhat dwindled over the past four weeks.
Despite these mixed indicators, BONE currently trades at $0.71, demonstrating a 64% reduction from its yearly peak valuation of $2.20 in February. On a more positive note, BONE has witnessed a 3.6% upward trajectory in the last few hours, and one could expect continued surges in on-chain transactions, especially amongst bullish traders and whale investors to propel the token back towards the $1 mark.
BONE serves as the gas fee in the Shibarium layer-2 blockchain. This blockchain has experienced a steady growth in gas usage since inception and is nearing the milestone four million transactions. This progression could also provide a needed boost to BONE’s journey towards $1.
