BONE Whales Enlarge Positions as Shibarium L2 Hits 1M Blocks
- Bone ShibaSwap (BONE) delivers a bullish concentration sign.
- Shibarium L2 mainnet completed one million block production.
- Crypto whales snap up $BONE amid a market-wide meltdown.
Shibarium launched back on August 16 at the Blockchain Futurist Conference 2023 in Toronto, Canada. Two months later, Shibarium Layer-2 is up and running with twice as large total value locked (TVL) than Solana’s entire DeFi ecosystem, as well as the emerging Base L2 from Coinbase.
On top of that, the one million block production milestone is accompanied by 1.25 million crypto wallet addresses and 3.35 million transactions at the time of publication.
Whales Increase Stake Amid Severe Crypto Storm
The market-wide crypto meltdown keeps Shiba Inu’s Bone ShibaSwap (BONE) hovering below the crucial $0.80 support line. At press time, BONE trades at $0.768 with a 19% decline in the last 30 days.
The monthly descending parallel channel price movement signaled a favorable entry point for some new Ethereum whales – one of them whipped up 4.5T Shiba Inu (SHIB) tokens last Friday. However, both Shiba Inu Ecosystem tokens return bearish on-chain signals, evident in a slight drop in net network growth and large transactions.
BONE has been actively accumulated by top Ethereum whales below $0.80, even though the bottom level marked by turned out to be below the forecasted $0.79. On a brighter note, BONE scored a 37.69% monthly increase in whale holdings, as it enters the TOP 10 most held cryptocurrencies by Ethereum whales, according to WhaleStats.
On the Flipside
- Last month, Shibarium’s developer team officially renounced Bone ShibaSwap’s (BONE) smart contract.
- That maintains $BONE’s scarcity at a capped amount of 250,000,000 tokens in circulation with no more to be minted.
Why This Matters
Tracking crypto whale moves is crucial in understanding the tendencies of crypto prices.
Explore DailyCoin’s latest cryptocurrency news:
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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