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Strange Activity Happens to Shiba Inu's BONE, Here's What It's About

Mon, 12/12/2022 - 15:51
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Gamza Khanzadaev
Shiba Inu's BONE manipulated for hundreds of thousands of dollars
Strange Activity Happens to Shiba Inu's BONE, Here's What It's About
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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%.

SHIB Large Transactions Jump 300% as SHIB Sets New Record in This Metric

ShibaSwap'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.

Source: TradingView

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%.

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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.