Shiba Inu’s BONE Tokens Make Waves: Trader Nets $514K Amidst Shibarium Momentum

Despite the stagnant state of the cryptocurrency market, Bone ShibaSwap (BONE) has consistently outperformed other assets over several weeks. This strong performance is largely linked to the anticipated launch of the Shibarium mainnet.

BONE, confirmed to be the gas token for Shibarium, has captured the interest of numerous traders, leading them to invest. A prominent blockchain analysis platform, Spotonchain, highlighted a specific trader who made substantial gains from this move.

According to Spotonchain, this anonymous trader achieved a profit of about $541,000, marking a 66.8% increase in under two months. As of the latest Monday report, the trader also has a potential profit of roughly $219,000 yet to be realized.

Here is how address 0x840 earned from $BONE:

– bought 972K $BONE with 63.7K $DAI, 210.7K $USDC & 264 $ETH (total: $743K) at $$0.76 on avg from Jun 5 to Jun 10 (during dump)

– sold 272K $BONE to 255 $ETH ($476K) at $1.75 on Aug 6 (peak)
– re-bought 279K $BONE with 255 $ETH… pic.twitter.com/LsKAFVmvKh
— Spot On Chain (@spotonchain) August 14, 2023

Detailed Report

As per the data visualization tool related to blockchain transactions, the trader made a purchase of 972,000 BONE tokens within the timeframe of June 5 to June 10, during which the price of the asset experienced a decline.

Specifically, the trader acquired these BONE tokens at an average cost of $0.76, utilizing a combination of 63.7K DAI, 210.7K USDC, and 264 ETH. The total initial investment made by the trader amounted to $743,000.

As the launch date of the Shibarium mainnet drew nearer and the value of BONE reached its peak at $1.75, the trader decided to capitalize on their gains on August 6. The value of these initial earnings stood at approximately $476,000. Notably, the unidentified investor converted 272,000 BONE tokens into 255 ETH.

On that same day, after observing a dip in BONE’s price to $1.64, the trader utilized the 255 ETH, which was valued at $476 each at that moment, to reinvest. This led him to acquire an additional 279K BONE tokens.

SpotOnChain noted that out of his accumulated assets, the investor traded a significant 572.7K BONE at a rate of $1.53 per token to get 465 ETH. During this trade, the 464 ETH he obtained was worth about $876K. This transaction left the trader with a balance of 406.7K BONE tokens in his possession.

In summary, the trader bought a cumulative total of 1.25M BONE at an average cost of $0.96 each. Up to now, he has offloaded 844K of those BONE tokens at an average price of $1.6.

The choice to retain a portion of the tokens might be influenced by the expectation that a potential inclusion of BONE on leading exchanges, such as Binance and Coinbase, could enhance the value of the asset.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.