Main navigation

Shiba Inu's BONE Trading Volume Suddenly up 70%, This Might Be Reason

Thu, 12/08/2022 - 12:40
article image
Tomiwabold Olajide
BONE was trading at $0.849, down 1.75% in last 24 hours
Shiba Inu's BONE Trading Volume Suddenly up 70%, This Might Be Reason
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

The trading volume of BONE, Shiba Inu's governance token, suddenly rose nearly 70% on Dec. 8 as traders scurried to take advantage of the recent volatility presented on the market.

After days of an impressive price run, bulls took a breather as BONE touched highs of $0.987 on Dec. 5. The price of BONE fell in tandem with the general declines on the crypto market. After three days of losses, BONE touched a base of $0.81, where buyers emerged and the crypto token slightly recovered.

BONE printed a daily green candle as its price rose to intraday highs of $0.864 or at the daily MA 50, where bulls faced a barrier.

Related
Shiba Inu's BONE Up 10% as Price Gains on Positive News Inflow

At the time of publication, BONE was trading at $0.849, down 1.75% in the last 24 hours. As the year comes to a close, the Shiba Inu ecosystem is seen putting out several activities to round out the developments it began earlier in the year.

Shiba Inu's metaverse has announced a giveaway and its "special holiday fireside chat," Ryo Plaza fireside chat.

Shib developer "Trophias" has posted a cryptic tweet that suggests active development to round off the year.

He wrote, "Small Tuesday update: V1 Design completed; finalizing content has been ongoing - Launch will be in phases to help with content flow."

Whales are also seen accumulating Shiba Inu ecosystem tokens in a last-minute rush. Per WhaleStats data, SHIB ranks among the top 10 purchased assets for the biggest ETH whales and has likewise regained the position of the biggest holding for the top 100 ETH whales.

article image
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.