21 August, 2023 | 09:54 AM
BONE whales accumulate despite price downturn
As the global crypto market capitalization fell below the $1.15 trillion mark, Bone ShibaSwap (BONE) witnessed notable highs and lows over the past week.
BONE, ShibaSwap’s governance token, registered a 17% loss over the past week and plunged by 13% in the past 24 hours alone. While the downward movement continues, Bone whales have been making accumulation moves.
According to data provided by the market intelligence platform Santiment, whale transactions consisting of at least $100,000 worth of BONE have doubled over the past two days — rising from only 19 trades on Aug. 15 to 38 transfers on Aug. 16.
Moreover, Santiment data shows that BONE’s exchange outflow has doubled in the same timeframe — surging from 1.18 million tokens to 2.36 million over the past two days.
Quite similarly, the number of active Bone addresses has been constantly rising since Aug. 10. According to Santiment’s data, the total number of dynamic BONE wallets rose by 626% over the past week, reaching 6,313 unique addresses at the time of writing.
The asset started the month with 25% weekly gains as active addresses surged by around 150% between July 24 and Aug. 1.
However, BONE is still up by 6.7% over the past 30 days, trading at $1.35 at the time of writing. The asset registered a local high of $1.79 on Aug. 5 and a local bottom of $1.22 on Aug. 17.