Shiba Inu's BONE Millionaire Addresses Spike Amid Price Lull

Shiba Inu governance token and Shibarium gas token BONE is seeing an uptick in millionaire addresses.

Data from IntoTheBlock indicates growth in millionaire BONE, specifically those holding 10 million to 100 million BONE. This group has seen the largest increase in the last 30 days, up 33.33%.

The Addresses by Holdings indicator is interesting to understand how bigger or smaller holders of each cryptocurrency act over time by increasing or decreasing their balances.

This group of millionaire addresses has also upped its balances by 33.02% in the last 30 days. This comes even as BONE prices have been declining since the beginning of August and continue to do so.

General accumulation is seen for millionaire addresses, which seem to continue consistently increasing despite price declines. Notably, addresses with 1 million to 10 million BONE have grown their holdings by 3.35%.

In positive listing news, BONE was recently listed on the Turkish-based crypto platform Bitcointry via the BONE/USDT trading pair.

BONE price action

BONE has been on a steady decline since reaching highs of $1.82 on Aug. 5. Notably, BONE prices have stagnated since the start of October, marking eight of ten days in red.

At the time of writing, BONE was down 2.55% in the last 24 hours to $0.71.  If today ends in red, it will be BONE's seventh consecutive day of losses.

Given the price declines, BONE has returned to trade at lows last seen in June of this year. If bulls make a comeback, BONE might target the $0.924 level, which coincides with the daily MA 50.

Further falls, on the other hand, could target the $0.653 level; interestingly, BONE saw a major rebound from that level in late June, from where its price subsequently tripled.