The Shiba Inu ecosystem has witnessed a recent increase in the number of BONE Shibaswap investors, as well as a recent increase in the number BONE Shibaswap investors, while some of the largest Shiba Inu whales are loading up. According to data from InTheBlokWhales of BONE tokens have increased their holdings over the past month to increase their ecosystem concentration to over 43%.
Whale portfolios are 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 a token went into a bullish trend to reach $1.70 in August. Since then, things have cooled off in the Shiba Inu ecosystem and the token has lost most of these gains.
At the time of writing, BONE is trading at $0.7813, has a market cap of $195 million, and a maximum supply of 230,003,023 BONE tokens.
On-chain data from intelligence firm IntoTheBlock has shown that most of this market capitalization is concentrated between 12 whale addresses holding 108.53 million tokens. However, these whale portfolios have been steadily gaining BONE over the past month.
Whale activity rises | Source: IntoTheBlock
The total net flow between addresses holding at least 0.1% of the total market capitalization increased by +272.92% in a span of seven days. A similar metric tracking the movement of BONE tokens has shown that the concentration of these tokens in whale addresses (wallets containing more than 1% of the total supply) has increased by +19.74% over the past 30 days.
On the other hand, concentration in investor addresses (portfolios holding between 0.1% and 1% of total supply) has decreased by 1.37% over the past 30 days.
BONE holder concentration | Source: IntoTheBlock
Recent price action shows that bullish momentum could be building
BONE is currently trending down, after having a bullish run since then Shibarium’s introduction. Data also shows that only 34% of holders are making money at the current price. However, BONE’s large wallet surge, coupled with a 33.48% increase in trading volume over the past 24 hours, is a bullish reversal signal as it could increase buying pressure from retail investors.
Price action shows that BONE is currently in a key support zone at $0.76. A reaction to the bulls’ support could see a rally. On the other hand, a break below support could indicate a further decline in the token’s price.
This comes after the lead developer of Shiba Inu recently relinquished the BONE smart contract. If you relinquish the contract, developers no longer have control over the token, making it completely decentralized.
Token price sitting at $0.766 | Source: BONEUSD on Tradingview.com
Featured image from Watcher Guru, chart from Tradingview.com
