Shiba Inu's governance token, BoneShibaSwap (BONE), which is also the Shibarium gas token, has triggered a significant on-chain spike, coinciding with an announcement from a major cryptocurrency exchange.
According to IntoTheBlock data, BONE is seeing an 858% increase in large holders' inflow, which tracks the funds going into addresses belonging to whales. Large holders' inflow saw a massive spike from 671,970 BONE on Feb. 3 to 5.09 million BONE on Feb. 4.
Large holders' inflow often suggests strong buying activity taking place, which is the case as many of these addresses buy on centralized exchanges and then transfer their acquisitions into cold storage.
Spikes in Large Holders Inflow can also point to bottoms in price as these addresses tend to buy in size following significant corrections.
BONE has been on a steady decline since early December 2023 after topping out at highs of $0.972. The declines caused BONE to hit lows of $0.513 subsequently, on Jan. 23. Since this date, BONE has persisted in range trading.
BONE saw a significant spike on Feb. 4, reaching highs of $0.567 before slightly retreating. The spike coincided with OKX's announcement of new support for BONE.
As reported, BONE has been added to OKX On-chain Earn, which allows users to participate in on-chain earnings opportunities via proof-of-stake (PoS) and DeFi protocols.
Seychelles-based OKX posted a follow-up tweet today as regards the new listing: "OKX Earn dropping some alpha by adding INJ, BONE on our On-Chain Earn, Participate in PoS staking, and earn rewards from the networks," it wrote.
Shiba Inu layer-2 Shibarium continues to grow and has surpassed 335 million in total transactions, while total blocks have reached the three million mark.