- Whale activity shoots up, but on-chain metrics show only one bullish sign.
- Rebound rally escalates as BlackRock officially applies for Bitcoin ETF.
- BONE grows 5.5% in the last 24 hours, on-chain metrics deliver a plot twist.
Shiba Inuโs gas fee token, $BONE, is being snatched up by several large whales on the Ethereum network. Old Horse, a veteran crypto trader, took to Twitter to explain why he sees accumulating Bone ShibaSwap (BONE) as a great buying opportunity given these circumstances.
Yearly Prospects Show Potential for BONEโs Growth
The trader Old Horse adopted a yearly perspective on $BONE – even though Shibariumโs gas fee token currently lives on Ethereum, the token is meant to be deployed on Shibarium L2 mainnet once it launches. Already confirmed as the only official gas fee token by SHIB Tokenโs developer team, $BONE is also capped at a max supply of 250,000,000, meaning no more $BONE tokens could be minted.
Sponsored
This was decided last year after the community voted on the proposal in hopes of maintaining the tokenโs price during the phased Shibarium launch. 229,923,350 of these tokens are circulating, while crypto exchanges gradually list Shiba Inuโs $BONE. The popular Australian crypto exchange CoinSpot announced a week ago that it is the latest to add $BONE for spot trading.
Crypto.com, Huobi, and OKX listed Bone ShibaSwap this year, while the Biconomy exchange takes up the lionโs share of all $BONE trading activity with 43.63%. At press time, the #177 ranked BONE trades at $0.76, according to CoinGecko. With Shibariumโs mainnet coming up and the Bitcoin halving kicking in no later than April 2024, $BONEโs utility and demand will likely increase.
On the Flipside
- The current on-chain metrics indicate that the net network growth and large transactions are still bearish.
Why This Matters
Ethereum whale activity often portrays the overall crypto market sentiment.
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