Gushiken Yona
BONE volume exploded over 50% in 24 hours, yet this trading surge overlays deep holder conviction, with 87% holding long-term. While spot markets ignite, cautious derivatives data reveals a split sentiment surrounding Shibarium’s vital gas token.
Behind the Surge: Understanding the BONE Volume Spike
The significant 54.15% increase in 24-hour trading volume, pushing it to $8.49 million according to data from CoinMarketCap, signifies renewed market focus on Bone ShibaSwap (BONE). This uptick in spot market activity often points towards increased buying pressure, potential strategic accumulation, or simply more participants actively trading the token.
Given BONE’s essential function as the gas fee token for the Shibarium Layer-2 network, increased activity on Shibarium itself could be a driving factor behind this heightened interest.
BONE Volume Dynamics vs. Holder Conviction
What makes the current BONE volume particularly interesting is the profile of its holders. On-chain data paints a picture of extreme long-term conviction, seemingly unfazed by short-term market noise.
An overwhelming 86.82% of addresses have held BONE for over a year (“Hodlers”). Addresses holding between one and twelve months (“Cruisers”) constitute just 12.02%, while short-term “Traders” (holding less than a month) represent a mere 1.16%.
This structure suggests that while the BONE volume indicates active trading, the core ownership base isn’t participating in rapid flips. The conviction lies with those invested in BONE’s long-term utility within the Shiba Inu ecosystem.
Furthermore, while 95.89% of addresses hold relatively small amounts (under $1k), indicating broad retail participation, a small number of whales (0.05% of addresses) control just over half (50.73%) of the supply, highlighting significant value concentration alongside widespread distribution.
Derivatives Data Offers Caution Despite High BONE Volume
In stark contrast to the active spot market, derivatives trading for BONE presented a more muted picture. Volume in derivatives remained subdued at $167.25k, while the 24-hour Long/Short ratio of 0.7197 indicated a slight lean towards short positions over longs, based on data from CoinGlass. This suggests a cautious sentiment among leveraged traders.
Reinforcing this, liquidation figures were exceptionally low at just $88.04, impacting only long positions. This overall derivatives data suggests that while spot trading volume surged, appetite for leveraged speculation on BONE futures remained notably cooler.
The current BONE landscape presents a compelling narrative: strong spot market interest reflected in soaring volume, anchored by an exceptionally dedicated base of long-term holders. While derivatives traders show signs of caution, the underlying commitment from the majority of BONE addresses underscores its perceived importance to Shibarium and the broader Shiba Inu.
Read More
- Shibarium Hits 1B Completed Transactions—Milestones Keep Coming
- SHIB Army Tightens Grip: Hodlers Surge, Speculators Flee!
- Shib.io Levels Up with New Feature to Boost Experience
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
