Shibaswap Bone Continues Bullish Trend, What Does This Mean for Shiba Inu?

ShibaSwap Bone (BONE), an offspring token of Shiba Inu (SHIB), is still moving in a bullish direction. In the weekly charts, the token is up 13.8%, outpacing every other significant cryptocurrency project. Additionally, over the past several days, the number of holders of the asset has significantly increased. Over 90k people currently own the coin, according to Etherscan.io.

The number of in profit has also increased significantly for BONE. According to IntoTheBlock, the percentage of holders who are profiting climbed by 11.52% during the past 24 hours, bringing the overall percentage to 68%. Additionally, network growth has increased by 1.97%, according to IntoTheBlock.

Large transactions have, however, decreased by 4.94%, which could be cause for concern. However, only 54% of BONE holders are whales, compared to 77% of Shiba Inu (SHIB) holders who have huge wallets. The recent increase in BONE could be due to the Shibarium network of the Shiba Inu (SHIB) getting ready for a relaunch. Additionally, investors might be attempting to profit on BONE delegation, which could ultimately be profitable.

SHIB Holders Currently Facing Loses, What’s Next?

BONE has experienced double-digit growth during the past week, while SHIB is having trouble keeping up. The well-known cryptocurrency with a canine theme is down 4.4% every week and 2.7% during the past day. Furthermore, according to data from IntoTheBlock, a staggering 75% of SHIB holders are currently experiencing losses. Only 14% of investors are making money, and 10% are at a loss.

While the Shibarium frenzy has brought in new customers for BONE, SHIB’s price may eventually rise. The team also intends to implement a new burn mechanism. The network seeks to expand the use cases for the token. Together, the two endeavors might enable the memecoin to buck the present downward trend. BONE was trading at $1.41 at the time of publication, up 1.38% from the previous hour. SHIB, on the other side, rose 1.79% over the previous hour, trading at $0.000008202.

Shiba Inu is up 1.79% in the last 24 Hours. Source: CoinMarketCap

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.