A singular Bone ShibaSwap (BONE) transaction involving over $1 million is sparking speculation within the Shiba Inu community.
BONE, the gas token of the Shibarium network, is down 99.3% from its all-time high, persistently trading in a range in recent times. However, it seems investors see this period of sideways trend as an opportunity to accumulate for what is to come.
Particularly, a whale transaction has been raising eyebrows within the Shiba Inu community. The Thursday shift saw a wallet receive millions of the Bone ShibaSwap token from prominent crypto exchange OKX.
Unmarked Wallet Receives Millions of BONE
The sending wallet “0x91D4” shifted 4,572,758 BONE, worth $1.3 million, to an unknown receiving address “0x073F” on May 29 at exactly 08:42 PM (UTC). Interestingly, this adds to a string of BONE transfers from the same sending address to the receiving address in the past five days.
Data from EtherScan shows that the sending address has moved the token to the same address for five consecutive days, with yesterday’s transfer its largest so far. Meanwhile, the receiving address has retained the BONE tokens received, holding 5,453,234 BONE ($1.57 million) at the time of writing.
Whale BONE Transaction In the Last Five Days
Furthermore, the address “0x073F” now ranks 8th among the over 95,000 holders of BONE by dollar valuation, with its balance accounting for 2.18% of the token’s 250 million supply. However, further analysis has identified another twist to the story.
Whale Accumulation?
Meanwhile, analysis from the market intelligence platform Arkham confirmed that, indeed, the sending wallet belonged to OKX. It identified the “0x91D4” address as an OKX Hot Wallet, which held 3.409 million BONE ($985,030) at the time of writing.
Interestingly, Arkham also shows that the receiving address belongs to the exchange. The platform identified the wallet as an OKX Cold Wallet, a self-custody wallet for OKX, one of the largest offshore cryptocurrency exchanges.
As a result, the attention-grabbing transaction was just OKX moving the BONE token from its hot wallet for storage in the cold wallet. Notably, exchanges perform such transactions periodically to safeguard customers’ funds in the case of an attack on their platform.
Nonetheless, while this was not one such case, whales have actually been accumulating BONE recently. The Crypto Basic highlighted a 5-day buying spree from a new wallet in early May, during which the address acquired 1.76 million BONE.
BONE Remains Unresponsive
Meanwhile, the Shiba Inu ecosystem token continued its correction today, joining a broader market trend. BONE is down 4.13% in the past 24 hours, with higher timeframes looking uglier.
For context, the token has corrected nearly 8% in the past seven days and a staggering 57% from its price a year ago. This suggests that it completely missed out on the broader 2024 market rally, as inherent weakness persists.
Meanwhile, analysis has shown a rebound is on the horizon. Specifically, analyst Crypto Conqueror predicted a bullish reversal to $6, highlighting critical levels to watch.
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