Shiba Inu’s (SHIB) Bone ShibaSwap (BONE) Racked Up by Ethereum (ETH) Whales

Shiba Inu’s (SHIB) Bone ShibaSwap (BONE) Racked Up By Ethereum (ETH) Whales

The gas fee token of the SHIB Ecosystem has aroused the interest of the largest ETH whales. On October 26th, 2022, one whale spent a colossal 125.075 of ETH on BONE. Ultimately, that equals over $200,000 spent on SHIB’s governance token in a single transaction.

Ethereum (ETH) Whales Are Expecting Shibarium

The bullish price movement for BONE might come from the expectation that Shibarium will be launched soon. Shibarium is the Layer-2 solution for SHIB’s Ecosystem. As the SHIB Army expects a significant uptrend with Shibarium’s launch, it only makes sense that the top 100 ETH whales are getting in early.

In addition, BONE is trending on DexTools, which is one of the most popular trading apps in DeFi. The bullish sentiment confirms there’s a demand for SHIB’s gas fee token beyond the ecosystem. At the same time, BONE is likely to offer a lot more utility when it comes to Shibarium.

BONE Grows in Market Recovery

At the time of publication, BONE is priced at $1.13, according to CoinGecko. This marks a 10.6% increase in the last 24 hours. Moreover, BONE grew by 25.5% in weekly terms, while the two-week perspective looks even better with 35.8% gains.

In the current crypto market conditions, memecoins like SHIB and DOGE are leading the rebound rally. Having perhaps the widest communities in crypto, both the DOGE and SHIB armies have high hopes that Elon ‘The Dogefather’ Musk will close his $44 billion Twitter acquisition deal this Friday.

On the Flipside

  • Around 30% of the SHIB Army’s community is dissatisfied with the delay in Shibarium.
  • Despite a few rumored launch dates, the timeline is still vague.
  • BONE is still down by 92.6% from its ATH at $15.50 reached over a year ago.

Why You Should Care

Tracking the largest ETH whales is crucial in order to stay a step ahead of the crypto market price movement.

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

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.