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Homebtc newsShiba Inu-Based BONE Gearing Up For Massive Rally, Here’s Why

Shiba Inu-Based BONE Gearing Up For Massive Rally, Here’s Why

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.

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.

Shiba Inu BONE 1

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.

Shiba Inu BONE 2

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. 

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. 

Shiba Inu BONE price chart from Tradingview.com

Token price sitting at $0.766 | Source: BONEUSD on inew.news
Featured image from Watcher Guru, chart from inew.news

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