- On-chain signals mark the return of the whales for $BONE.
- Shiba Inu is still the top-held token by the TOP 100 ETH whales.
- Shibarium developers are working on the Shibarium Bridge.
The on-chain concentration signals reveal an increased interest in the alter token of the Shiba Inu Ecosystem. Bone ShibaSwap (BONE) recently dropped below a multi-year support line of $1 but is currently putting up rebound efforts with 3.3% gains in the last 24 hours.
At press time, the #176 ranked altcoin Shiba Inu’s $BONE trades at $0.942899, according to CoinGecko. The daily increase might not be enough to enter a bullish divergence, but the discounted $BONE price has sparked the TOP 100 Ethereum whale activity.
Buying Opportunity or Fading Hype?
Many crypto enthusiasts on Twitter hope to see Bone ShibaSwap (BONE) being adopted by several major crypto exchanges, including KuCoin. Particularly, many requests this week are related to Binance, as the leading global crypto exchange recently removed Shiba Inu (SHIB) from the Innovation Zone, recognizing Shiba Inu as a solid crypto project.
In Binance CEO Changpeng ‘CZ’ Zhao’s recent Twitter Ask-Me-Anything (AMA) session, the leader of the cryptosphere praised Shiba Inu (SHIB) as a trustworthy project, pointing out that the three-week-old $PEPE has a long way to go to earn such reputation. This happened when YouTuber YourPOP asked CZ about possibly listing PEPE, another emerging memecurrency.
Besides, Bone ShibaSwap (BONE) was previously listed by Crypto.com, Huobi, OKX & MEXC Global. As the altcoin is still below key support levels of $1, many crypto enthusiasts see it as a buying opportunity before Shibarium’s mainnet launch. The Shibarium gas fee token is capped at 250,000,000, therefore, it is assumed that the demand will eventually exceed the supply.
On the Flipside
- The performance of Bone ShibaSwap (BONE) is dependent on Shibarium upgrades.
- Shibarium, the Layer-2 solution for Shiba Inu, will only use $BONE to cover gas fees.
Why You Should Care
The popularity of Shiba Inu’s tokens among Ethereum whales proves that the memecoin is often seen as a long-term investment opportunity.
There’s a huge chance that BONE will be listed on Binance. This is because Binance removed Shiba Inu from the Innovation Zone, deeming SHIB Token a solid project.
The listing requests suggest that BONE would have a high demand on Coinbase. However, Coinbase CEO Brian Armstrong hasn’t commented on such a possibility.
BONE ShibaSwap is listed on major exchanges like Huobi and Crypto.Com. It’s also available for trade on decentralized exchanges like ShibaSwap or UniSwap.
Bone ShibaSwap (BONE) reached an all-time high of $15.50. The all-time high for $BONE was reached on July 7th, 2021.
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