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SHIB: Why Are Whales Buying BONE Token, Reason Might Be Surprising

Mon, 12/19/2022 - 11:20
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Tomiwabold Olajide
Bone ShibaSwap (BONE) ranks among top 10 purchased tokens
SHIB: Why Are Whales Buying BONE Token, Reason Might Be Surprising
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According to crypto data tracker WhaleStats, Shiba Inu's governance token, Bone ShibaSwap (BONE), ranks among the top 10 purchased tokens for the 1,000 biggest ETH whales in the last 24 hours. Bone faces accumulation as its price steadies below the $1 mark.

For this category of holders, a plausible reason for their massive accumulation of BONE might be that they are looking to gain exposure to another prominent token in the Shiba ecosystem.

Another reason might be the tokenomics of the BONE token. Just like Bitcoin, which has a fixed maximum supply of 21 million coins, BONE has a fixed maximum supply of 250 million tokens.

Shiba Inu's BONE Squashes Official 230 Million Token Cap; Here's What Happens Now

In September, BONE minting was officially halted as the supply reached 230 million, with the remaining 20 million supply being reserved for rewards for validator roles on the upcoming Layer 2 Shibarium.

According to some analysts, the value of a crypto asset might be influenced by supply and demand. Thus, when the supply of an asset is limited, demand for it might rise, leading to a corresponding increase in its price.

The expectation of a long-term increase might be the reason for the current accumulation of Bone ShibaSwap.

Third, eager expectations regarding the Shibarium launch might have likewise spurred increased accumulation. Over the weekend, the SHIB official Twitter account announced the start of a special countdown. As seen in the Twitter comments, many are optimistic about the Shibarium launch.

At the time of publication, BONE was changing hands at $0.91, up 2.30% in the last 24 hours. BONE being down 98% from its all-time high of $41.67 provides a massive discount for whales.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.