SHIB, BONE Rise Up, Backed by Soaring Ethereum Whale Activity

Shiba Inu Ecosystem tokens ride the bullish wave as massive Ethereum whales splash millions on SHIB and BONE.

Shiba Inu riding a whale under water.
Created by Gabor Kovacs from DailyCoin
  • Shiba Inu eats a zero from its market price, picking up on the BTC ETF rally.
  • Shibarium’s gas token Bone ShibaSwap is back on Ethereum whales’ radar.
  • Four huge whales display a similar tendency in behavior concerning SHIB.

The Shiba Inu Ecosystem embarked on a bullish crossover on Thursday, January 11. Its main token, Shiba Inu (SHIB), deleted a zero from its market price, a milestone that historically catalyzed SHIB’s biggest bull runs.

In the wake of Bitcoin’s iShares ETF approval, the largest Ether whales topped up on SHIB. To illustrate, one cryptocurrency whale snatched 136.86B SHIB tokens worth $1.38 million at stamped transaction time. The whale cashed the funds from Binance and sent them to their decentralized wallet.

At publication, the aforementioned cryptocurrency address holds a colossal 136,865,983,865.07 SHIB tokens, representing 89.18% of the whale’s crypto portfolio. Furthermore, today’s move by the whale follows three other huge whales demonstrating an identical tendency.

According to the blockchain analysis platform LookOnChain, $24.15 million was withdrawn from the leading crypto exchange in the past month. While the largest Binance withdrawal was 1.44T SHIB tokens, the most notable was tech mogul Justin Sun’s 577 billion SHIB cashout to a decentralized wallet 22 days ago.

Shiba Inu’s BONE Up Again: Is $1 on the Cards?

Meanwhile, the alternative token in the Shiba Inu Ecosystem is bouncing back after hitting the critical $0.60 support level. The same price range was retested in late November 2023, ending with Bone ShibaSwap (BONE) reaching $0.90999 on December 9, 2023.

Today, as Ethereum whales resurface to grab a piece of the crypto pie, Shibarium’s gas fee token soared by 8.3% to trade at $0.67 at publication. The Bitcoin-ETF-infused bullish crossover for BONE creates a new weekly high, but the monthly perspective still lingers in the red, with a 9.7% drop in the last 30 days.

While this signifies the potential for BONE to run up to the $1 mark, last seen on September 5, 2023, the realization of the bullish scenario highly depends on Shibarium’s network activity. Shiba Inu’s Layer-2 public blockchain employs Bone ShibaSwap (BONE) as the gas fee token for every transaction.

On the Flipside

  • Bone ShibaSwap’s (BONE) potential also highly depends on including BONE trading pairs on major exchanges and developing SHIB’s DeFi exchange.
  • So far, only OKX and Crypto.Com have added BONE spot trading pairs to their services, despite numerous requests from SHIB Army to list the token on Binance, KuCoin, and Coinbase.

Why This Matters

Cryptocurrency whale behavior often foreruns new tendencies and price fluctuations in the crypto markets.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.