- Comatose crypto whale holding over $12,000 in BNB wakes up to buy $BONE.
- Shibarium’s gas fee token, $BONE, hovers below the crucial resistance of $0.80.
- $SHIB is the top-held token by dollar value among the TOP 100 Ethereum whales.
As the crypto bears continue to control the markets, one sleeping BNB whale woke up to the sound of crashing waves. According to the blockchain explorer Etherscan, the dormant whale snapped up 259,000 BONE, currently worth $203,162.
The BNB whale who grabbed the BONEs later transferred 203,489 tokens to ShibaSwap’s Bone Locker, offering yield on staked or delegated $BONE. This dormant whale resurfaced in the crypto game on September 20, 2023.
The move from the BNB whale came at the same time as Shiba Inu’s official blog had published an article on $BONE’s smart contract renunciation. A large chunk of the Shiba Inu community is waiting for $BONE’s contract to be renounced, as the SHIB Army voted to stop minting $BONE last year, thus maintaining the coin’s scarcity.
Sleepy Whale Wakes Up to $BONE Discount
The timing of this move signifies a crucial point for Shibarium’s gas fee token, as it fell below the long-term resistance at $0.80 and dropped to monthly lows. Shibarium’s gas token $BONE trades at $0.783 at press time, dipping further by 1% since yesterday.
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Shibarium’s official gas fee token has traded in a protracted descent in the last 30 days. Even though the Shibarium mainnet launch over a month ago bumped $BONE back above $1, the pump was short-lived.
Meanwhile, the on-chain signals point to three negatives: a slight drop in net network growth & concentration, while large transactions involving $BONE have dropped by 8.13%. Not all whales have taken the current crypto market conditions as a favorable entry point.
On the Flipside
- The bold move from the lethargic crypto whale came simultaneously with BONE’s official statement regarding the contract renunciation.
- However, Shiba Inu developers recently announced a pre-programmed TimeLock for the renunciation procedure to be carried out.
Why This Matters
Tracking cryptocurrency whales can help determine the current sentiment of the overall crypto market.
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