• OKX Exchange Adds BONE Token Support: Seychelles-based crypto exchange OKX has recently incorporated ShibaSwap’s governance token BONE into its on-chain earn program, offering users DeFi and PoS staking opportunities.
  • Surge in Whale Activity and BONE’s Market Movement: Following OKX’s announcement, BONE saw a significant increase in whale activity, with inflows surging by 858%, potentially setting the stage for a bullish market run. BONE’s price has experienced a 1.28% increase, trading at $0.547882, though it saw a 4.8% decline over the past week.

In a strategic move that’s stirring the crypto waters, Seychelles-based cryptocurrency exchange OKX recently announced its decision to integrate ShibaSwap’s governance token, BONE, into its on-chain earn program. This pivotal inclusion allows users to tap into on-chain earning opportunities through decentralized finance (DeFi) protocols and Proof-of-Stake (PoS) mechanisms, marking a significant enhancement to the platform’s offerings.

The addition of BONE, alongside INJ, into the OKX Earn segment underscores a deliberate effort to enrich the crypto ecosystem with more robust staking and earning prospects. This move has set the stage for a dramatic uptick in network activities related to BONE, as evidenced by an 858 percent surge in inflow from large holders. Such a remarkable increase in whale activity has prompted market participants to recalibrate their expectations, anticipating a potential bullish run for the token.

Whale Movements and Market Dynamics: BONE’s Rising Tide

Data from IntoTheBlock reveals a staggering jump in whale holdings of BONE, from 671,970 tokens on February 3 to 5.09 million tokens by February 4. This massive accumulation is widely interpreted by crypto experts as a sign of strong buying pressure. Historically, such patterns of asset inflow typically indicate strategic acquisitions on centralized exchanges, followed by transfers to cold storage for long-term holding. Moreover, this trend is often associated with a strategic entry point post-correction, suggesting that whales perceive the current price levels as particularly attractive.

Despite a modest 1.28% increase in its price over the last 24 hours, trading at $0.547882, BONE has experienced a 4.8% decline over the past week. The token has been engaged in range trading since reaching a low of $0.513, struggling to reclaim its December high of $0.972. However, its recent price movements, including a temporary climb to $0.567 on February 4, highlight the volatile nature of its market position.

Concurrently, Shibarium, the underlying network supporting BONE, has recorded significant growth, with total contracts reaching 15.012K and the total number of accounts making transactions climbing to 63.272K. Shibariumscan reports a colossal number of transactions on the network, totaling 335.419M, with BONE transfers contributing to 1.437M of this figure. This uptick in network activity is further complemented by a 254 percent increase in new accounts within the Shib ecosystem, indicating a growing interest and investment in BONE, primarily due to its integral role in Shibarium.

While BONE appears to be on an upward trajectory, Shiba Inu itself has seen a slight downturn, with a 0.36% decrease in the last 24 hours and a 4% decline over the last week. This disparity between the performance of BONE and Shiba Inu underscores the dynamic and often unpredictable nature of cryptocurrency markets, where developments within a network can have varied impacts on associated tokens.

The strategic enhancements made by OKX through the inclusion of BONE in its On-Chain Earn program not only amplify the earning potential for users but also signify a broader trend of integrating DeFi capabilities into traditional crypto exchange platforms. As the market continues to respond to these developments, the future of BONE, underpinned by its pivotal role in Shibarium and bolstered by increased network activity, promises to be a focal point of interest and speculation within the crypto community.

By Joadin Maina

Beyond the hype, I untangle the web3 revolution, guiding curious minds through the labyrinth of decentralized possibilities.