• 17 July, 2024
Market News

BONE Sees Strong Buying Pressure After OKX Listing: Bullish Run Ahead?

Seychelles-based cryptocurrency exchange, OKX, has made a significant move by adding support for ShibaSwap’s governance token, BONE, to its on-chain earn program. This development has sparked a surge in network activity for BONE, with an 858% increase in inflow from large holders. 

The influx of assets into whale addresses has led market participants to adjust their expectations, hinting at a potential bullish run. Shiba Inu Lead Developer Lucie shared an X post, drawing attention to BONE’s crucial development.

Whale activities, such as the substantial inflow of assets, typically indicate strong buying pressure in the market. Historically, these assets are acquired on centralized exchanges and then transferred to cold storage, highlighting investor confidence. Some experts argue that such activities also signal that the price has reached a significantly low point, as whales tend to buy after a substantial correction.

Over the last 24 hours, BONE has experienced a 1.10% surge, currently trading at $0.5526. However, the token has faced a 4.35% decline over the past 7 days, struggling to reach its December high of $0.972. BONE has been predominantly engaged in range trading since hitting its recent low of $0.513, with minor fluctuations in price.

Shibarium, a key component of the Shiba Inu ecosystem, has seen remarkable growth this year. It has reached a total of 15.012K contracts, with over 63.272K accounts on the network making at least one transaction and 1.35 million total addresses. The total transactions on the network have reached 335.419 million, and BONE transfers have also reached 1.437 million.

Furthermore, the Shib ecosystem has witnessed a surge in new accounts created, with a remarkable 254% increase. Daily new account creation has risen from 24 on February 1 to 61 on February 3, resulting in a total account count of 63,162.

Analysts are optimistic about the future performance of BONE, given its crucial role in Shibarium. Increased network activity is expected to drive interest and investment in this digital asset.

In contrast, the native token of the Shiba Inu ecosystem, SHIB, has not capitalized on this network growth, with a 0.91% decline in the last 24 hours, currently trading at $0.000008912. Over the past seven days, SHIB has experienced a 4% decline.

In a surprising turn of events, SHIB has witnessed a meteoric rise in on-chain activity, with a 514% surge in the last 24 hours. This resurgence comes after a period of minimal whale activity in late January, and the return of significant players has piqued interest in the potential future price movements of SHIB.

As the crypto market anticipates potential upheaval in the fortunes of Shiba Inu tokens, investors are closely monitoring the landscape, awaiting the next significant development in this captivating digital asset market.

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