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Shiba Inu Token Surges 8%, But It's Not SHIB

Mon, 10/17/2022 - 09:38
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Gamza Khanzadaev
ShibaSwap's BONE surges 8% while SHIB price drops
Shiba Inu Token Surges 8%, But It's Not SHIB
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The Shiba Inu ecosystem's token has seen a 8% rise since the trading session opened on Monday. The hero of the occasion is BONE, a ShibaSwap token that has recently become widespread on cryptocurrency exchanges. As previously predicted, the mass listing of BONE on medium and large venues will lead to an influx of liquidity into the token.

Despite a lack of growth stories, BONE, like SHIB, has managed to attract the attention of large Ethereum holders. Thus, according to fresh data from WhaleStats, the cryptocurrency has become one of the most used smart contracts among the top 500 ETH whales.

That said, BONE does not have widespread exposure among the top 100 of this investor group, unlike SHIB, which accounts for 5% of their portfolio. At the same time, we can expect to see an increase in BONE exposure in Ethereum whales' portfolios with the release of Shibarium, where the token will be used as a gas fee.

BONE price action

BONE has rallied over the past two days after the price managed to hold on to important support at $0.83. In addition, BONE's trading volume has increased by 21% in the last 24 hours.

Source: TradingView

The cryptocurrency reached its all-time high just a month and a half ago, at the end of August. At that time, BONE was trading at $2.4. Now, BONE will need to rise 150% to reach those values again.

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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.