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Major BONE Whales Increase Holdings After Shibarium Beta Release

Mon, 03/13/2023 - 13:35
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Gamza Khanzadaev
PuppyNet release makes these Shiba Inu whales bet more on BONE
Major BONE Whales Increase Holdings After Shibarium Beta Release
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According to IntoTheBlock, the holdings of the largest investors in BONE, the token of the Shiba Inu ecosystem, have increased a day after the beta release of Shibarium, PuppyNet. This category of investors currently holds 126.15 million BONE, or 54.84% of the token's total supply. However, back on the day PuppyNet was released, March 11, these wallets had a balance of 125.95 million, which is 200,000 BONE less than the current values. Interestingly, 33.19% of these are concentrated in only the six largest addresses.

Shibarium Public Beta PUPPYNET Goes Live And Here’s Why SBF Is Not Ryoshi

It is likely that big investors decided to take advantage of the fall in the price of BONE amid uncertainty on the crypto market, given its utility in Shibarium. As reported by U.Today, the token is used as a gas fee and is also needed by validators to participate in the network.

While the figures are rather insignificant, they reflect well the difference in behavior between large and small capitals, with the latter having reduced their shares in BONE by 190,000 tokens over the same period.

Trillions of Shiba Inu (SHIB) Left Whales' Bags on Shibarium Release Day

Overall, BONE remains to be a profitable asset for most of its holders. Although the number of addresses in profit has fallen by 10% since the last review, they still account for 70% of the total. By comparison, the profitable addresses of holders of SHIB, the native Shiba Inu token, are just over 30%.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.

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