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Shiba Inu's BONE Up 10% in Time for Christmas

Sun, 12/25/2022 - 11:33
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Gamza Khanzadaev
Shiba Inu ecosystem's token surges 10% in three days prior to Christmas
Shiba Inu's BONE Up 10% in Time for Christmas
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The Shiba Inu ecosystem token, BONE, is up 10% in the last three days, just in time for Christmas. Since the end of the working week, the price of the ShibaSwap token has risen from $0.755 to $0.823 by Dec. 25.

BONE to USD by CoinMarketCap

Interestingly, the day BONE began to rise in price, the token became one of the most bought assets by the top 500 Ethereum holders, as reported by WhaleStats. In addition, BONE saw higher trading volumes on Dec. 18 and 19, exceeding the standard values by factors of 3 and 8.

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

What's up with BONE?

The more the media field around Shiba Inu gets filled with news and rumors about Shibarium, the long-awaited Layer 2 ecosystem protocol, the more frequent the BONE price fluctuations become. The culprit of these phenomena is the BONE tokenomics, where only 70% of the total supply of 230 million BONEs is in circulation.

27.5 Million SHIB Burned in Last 24 Hours, But Is It Enough for Token To Rally?

BONE currently has a market capitalization of $131.5 million, and the number of its holders, including Ethereum whales, is 64,166 addresses. Meanwhile, according to Etherscan, 17.96% of BONE's total supply is concentrated on a single address, which also contains a small number of LEASH and SHIB, other tokens of the Shiba Inu ecosystem.

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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.