Shiba Inu’s BONE Token Soars by 858% Following Game-Changing Exchange Announcement

BONE records an impressive 858% surge in inflow from large holders following the announcement of new support for the asset by OKX. Shibarium also experiences significant growth, with 335.098M transactions, 15.012K total contracts, and 1.437M BONE transfers.
The Seychelles-based crypto exchange, OKX, recently revealed that it will be adding support for ShibaSwap’s governance token BONE on its on-chain earn program. This means that users will now have the opportunity to participate in on-chain earning opportunities through DeFi protocols and PoS.
As a result of this announcement, BONE’s network activities have increased significantly, with an 858% surge in inflow from large holders. This increase in assets being transferred to whale addresses prompts market participants to adjust their expectations and anticipate a potential bullish run. Data from IntoTheBlock shows that on February 3, whales held 671,970 BONE, which skyrocketed to 5.09 million BONE on February 4.
Crypto experts explain that such a surge in whale activities typically indicates strong buying pressure. These assets are often purchased on centralized exchanges and then transferred to cold storage. Furthermore, some experts argue that this activity suggests that the price is at a significantly low point of interest, as whales usually buy after a major correction.
In the past 24 hours, BONE has experienced a surge of 1.28%, trading at $0.547882. However, over the past seven days, the asset has declined by 4.8%. BONE is still striving to recover and reach its December high of $0.972. It is worth noting that BONE has been engaged in range trading since reaching its lows of $0.513. On February 4, the asset briefly climbed to $0.567 before experiencing a slight decline.
Shibarium has also seen notable growth, reaching 15.012K in total contracts. The total number of accounts on the network that have made at least one transaction has reached 63.272K, while the total number of addresses has reached 1.35M. According to Shibariumscan, the total number of transactions on the network has reached 335.419M. Additionally, the total number of BONE transfers has reached 1.437M.
Another report reveals that the number of new accounts created within the Shib ecosystem has increased by 254%. The daily number of new accounts created has also risen from 24 on February 1 to 61 on February 3. This has brought the total number of accounts on the network to 63,162.
Analysts believe that these developments indicate a potentially positive future for the market performance of BONE. This is because BONE plays a crucial role in Shibarium, and increased network activity could drive interest and investment in the digital asset.
However, Shiba Inu has failed to capitalize on this network growth, with a decline of 0.36% in the past 24 hours, trading at $0.000009. Moreover, the asset has declined by 4% in the past seven days.