Some of the largest whales in the Shiba Inu ecosystem are packing their bags and making their way to the #BONE Shibaswap, which has recently seen an increase in investment. Whales of BONE tokens have increased their holdings by nearly 43% in the past month, as reported by statistics from IntoTheBlock.
Big Investors Stocking Up on BONE Before a Rally
Since the introduction of Shibarium, BONE (Shibaswap) has been one of the most valuable tokens in the Shiba Inu ecosystem, rising steadily in value to reach $1.70 in August. Since then, however, momentum in the Shiba Inu ecosystem has slowed, and the coin has given up a good portion of its earlier gains.
BONE has a current price of $0.7813, a market size of $195,000,000, and a maximum quantity of 230,003,023 tokens in circulation.
According to on-chain statistics compiled by intelligence firm IntoTheBlock, the vast majority of this market valuation is held by just 12 "whale addresses" with a combined 108.53 million tokens. However, over the past month, these whale wallets have been slowly but surely amassing BONE.
Over the last week, there has been a +272.92% rise in the total net movement between addresses accounting for at least 0.1% of the entire market value. In the last 30 days, a comparable statistic tracking the circulation of BONE tokens has revealed a +19.74% growth in the concentration of these tokens in whale addresses (wallets holding more than 1% of the entire supply).
In contrast, the percentage of coins held by the top 1,000 wallets (those with between 0.1 percent and 1 percent of the entire supply) has decreased by 1.3 percent during the previous month.
Price movement as of late suggests the possibility of rising prices.
After a prolonged bull run following the debut of Shibarium, BONE is now on a downward trend. According to the data, just 34% of investors are profitable at the present pricing. But the 33.48% increase in BONE's trading volume over the last 24 hours is a positive reversal signal, suggesting that individual investors may become more eager to acquire the cryptocurrency.
The current price of BONE shows that it is at a significant support level of $0.76. The bulls' reaction to the support might trigger a new upswing. However, if the token price drops below the support, it might signal additional losses.
This follows the recent decision by #ShibaInu primary developer to abandon the BONE smart contract. When developers renounce the contract, the token becomes totally decentralised because it is no longer under their control.
