SHIB Whale Flips 17.5K BONE Amidst Binance Listing Whispers

Shibarium whale shuffles 17.5K BONE right before the DoJ announcement. Is Binance listing $BONE still in play?

Dog chewing on a Bone underwater and a whale is approaching from behind.
Created by Kornelija Poderskytė from DailyCoin
  • Shibarium surpasses 4M transactions on the Layer-2 chain.
  • Shiba Inu whale shifts over $10,900 worth of $BONE.
  • The resurgence of requests comes amid Binance’s DoJ settlement.

The Shiba Inu community renewed its quest to achieve a major listing for Shibarium’s gas fee token Bone ShibaSwap (BONE). As the globally leading cryptocurrency exchange’s CEO Changpeng ‘CZ’ Zhao officially stepped down from his position, the crypto community is showing support for one of the leaders of the crypto industry.

Yearly Lows for BONE Overshadowed By CZ’s Departure

On top of that, the SHIB Army is eager to turn a new chapter in the canine coin’s crypto journey. Released over 4 months ago, Shiba Inu’s own Layer-2 scaling solution Shibarium just attained 4 million transactions. Despite this triumph, Shibarium’s success has been overshadowed by the melodramatic downturn of Bone ShibaSwap (BONE).

Trading in a descending parallel channel for the last 30 days, $BONE hit its yearly low of $0.598 at 2 AM on 22 November 2023. Reacting negatively to the changes in Binance, $BONE lost its coalescent support at $0.60 for the first time since July 29, 2022. In spite of that, one heavy crypto whale splashed 17,507 $BONE on Binance yesterday, restoring hope that the SHIB Army will see the altcoin on the world’s top crypto exchange.

Binance Listing To Save BONE From Stormy Crypto Seas?

In spite of the bearish price movement, the Shiba Inu community is throwing $BONE a life ring once again. The multiple requests asking former Binance CEO Changpeng ‘CZ’ Zhao to list $BONE are highlighted with support messages for CZ himself, as well as reminders that SHIB Token developers have fully carried out $BONE’s smart contract renunciation.

The move by SHIB Token developers is crucial in the sense that it caps $BONE at a max supply of 250,000,000 without the possibility of minting more tokens. Maintaining the scarcity of $BONE, the community also hopes to maintain BONE’s price by onboarding more crypto enthusiasts to the Shibarium L2. This could provide a significant boost for $BONE, which had a hard time picking up on Bitcoin’s latest bull run with a negative price correlation, currently standing at -0.75.

On The Flipside

  • Some crypto traders speculate that the 17,507 $BONE transferred to the crypto wallet labeled  ‘Binance 32’ could have come from Binance’s top executives.
  • In this scenario, Binance would be accumulating $BONE to replenish its own hot wallet ahead of the forthcoming listing.

Why This Matters

Getting a major listing is pivotal in enhancing the cryptocurrency’s liquidity as well as bolstering adoption.

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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.