- Shiba Inu’s BONE token experiences an 858% increase in large holders’ inflow following OKX’s announcement of support.
- OKX adds BONE to its On-chain Earn platform, offering users PoS staking opportunities and earning rewards.
The governance token of Shiba Inu, known as BoneShibaSwap (BONE), has caught the attention of investors after experiencing a significant increase in blockchain activity. This comes following a noteworthy announcement by the prominent cryptocurrency platform, OKX.
#OKXEarn dropping some alpha by adding $INJ @Injective_ , $BONE @Shibtoken on our On-Chain Earn ✨
Participate in #PoS staking and earn rewards from the networks!
Get started: https://t.co/JYimvLJvWb pic.twitter.com/pyg29Ef8LV
— OKX (@okx) February 5, 2024
According to data provided by IntoTheBlock, there has been a substantial surge in the inflow of BONE into the wallets of large holders or “whales.” On February 3, these addresses held 671,970 BONE, while on February 4, this number surged to 5.09 million BONE.
This increase in large holders’ inflow typically indicates strong buying activity, as many of these addresses acquire tokens on centralized exchanges and subsequently transfer them to cold storage wallets. It could also suggest that these large holders are accumulating more BONE tokens following significant price corrections, potentially signaling a price floor.
BONE had been on a gradual decline since early December 2023, after reaching its peak at $0.972. On January 23, it hit a low of $0.513 and had been trading within a price range since then. However, on February 4, BONE experienced a notable resurgence, reaching highs of $0.567. This surge coincided with OKX’s announcement of adding support for BONE.
OKX has integrated BONE into its On-chain Earn platform, allowing users to participate in blockchain-based earning opportunities through proof-of-stake (PoS) and DeFi protocols. Furthermore, the platform announced its support for another token, INJ (Injective), and encouraged users to engage in PoS staking to earn rewards from these networks.
In addition, Shiba Inu’s layer-2 network, known as Shibarium, is also undergoing substantial growth. To date, it has recorded over 335 million total transactions and has reached three million total blocks.
