- BONE records an 858% surge of inflow from large holders following a report that OKX has added new support for the asset.
- Shibarium also completes 335.098M transactions, reaches 15.012K in total contracts, and records 1.437M in BONE transfers.
Seychelles-based crypto exchange OKX recently announced that it is adding new support for ShibaSwap’s governance token BONE, on its on-chain earn program. According to the announcement, users would now have the chance to be involved in the on-chain earning opportunities through the Decentralized Finance (DeFi) protocols and Proof-of-Stake (PoS).
OKX Earn dropping some alpha by adding INJ, BONE on our On-Chain Earn, participating in PoS staking, and earning rewards from the networks.
In reaction to this, network activities of BONE have increased considerably as inflow from large holders surges by 858 percent. With this repressing the number of assets entering whales’ addresses, market participants readjust their expectations to a potential bullish run. According to data from IntoTheBlock, 671,970 BONE were held by whales on February 3. On February 4, the amount had skyrocketed to 5.09 million BONE.
Crypto experts explain that whale activities such as the large inflow of assets mostly indicate a strong buying pressure. Per the analyzed data in the past, such assets are purchased on centralized exchanges and transferred to cold storage. Other experts also argue that such activities signal that the price is at a significantly low point of interest because whales usually buy after a massive correction.
Bone Surges by 1.28%, Shiba Inu Declines
In the last 24 hours, BONE has surged by 1.28%, trading at $0.547882. However, the asset was down by 4.8% in its seven-day run according to current market data. The asset is still struggling to bounce back to match its December high of $0.972. It is observed that Bone has, since hitting the lows of $0.513, consistently engaged in range trading. On February 4, the asset climbed the price curve to reach $0.567, before declining marginally.
Shibarium has also seen an interesting development this year as it reached 15.012K in total contracts. The total account on the network that at least made one transaction has reached 63.272K, while total addresses hit 1.35M. According to Shibariumscan, the total transactions on the network have reached 335.419M. Interestingly, the total BONE transfers also hit 1.437M.
Another report discloses that new accounts created in the Shib ecosystem have increased by 254 percent. The number of new accounts created daily also increased from 24 on February 1 to 61 on February 3. This pushed the total account count on the network to 63,162.
Analysts believe that this development foreshadows the potentially optimistic future for the market performance of Bone. The reason is that BONE plays a crucial role in Shibarium. In this case, an increased network activity could trigger a surge in interest and investment in the digital asset.
Shiba Inu is, however, failing to capitalize on this network growth as it declined by 0.36% in the last 24 hours, trading at $0.000009. On top of that, the asset has declined by 4% in the last seven days.
