Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Strange activity has been seen around the Shiba Inu ecosystem token, BONE. According to Etherscan, an unknown address "woke up" after 413 days and pulled 905,000 BONE from the liquidity pool. The unknown investor then exchanged 300,000 BONE for WETH, equivalent to $232,800.
The crypto enthusiast and apparently early believer in the Shiba Inu ecosystem still has 605,642 BONE in his wallet, which equates to almost half a million dollars. Given BONE's relatively low liquidity, ranging from $2 million to $5 million in daily trading volume, pouring that entire amount onto the market could make the token's quotes worse.
A certain negativity from these developments was clearly experienced by the BONE price today, when it fell by more than 5.3%.
Tomiwabold OlajideShibaSwap's BONE price action
The global picture on the BONE price chart does not inspire much enthusiasm either, which may have prompted an unknown investor to sell a third of his/her holdings. Thus, the token's price has lost a strong support level at $0.847 and is now moving toward the lower end of the price corridor, at $0.635.
BONE started its second week in decline, having lost 12.51% in the past seven days. However, from mid-November to the beginning of December, BONE rose by 42%.
Yuri Molchan
Tomiwabold Olajide
U.Today Editorial Team
Vladislav Sopov
Dan Burgin