Gushiken Yona
Exploding BONE volume captures intense market focus, soaring over 150% in a dramatic display of trading intensity that ignites widespread interest even as the token experiences a significant price dip.
The market for Bone ShibaSwap (BONE), a key token in the Shiba Inu ecosystem, witnessed extraordinary activity in recent trading. While the token’s price faced downward pressure, the sheer amount of trading exploded, signaling a potentially pivotal moment of heightened engagement and speculation.
Data from CoinMarketCap highlighted this divergence. The 24-hour trading volume for BONE surged to nearly $11 million.
This wasn’t just a minor uptick but it represented a massive increase of over 152% compared to the preceding 24-hour period. Such a dramatic rise often points to a significant event or shift in market perception driving traders to actively buy and sell.
Derivatives Market Mirrors Massive BONE Volume Spike
The surge in activity wasn’t confined to traditional spot trading. Data from CoinGlass showed a parallel explosion in the BONE derivatives market.
Trading volume in BONE futures and other derivatives climbed by an even more startling 196%, hitting over $314,000 in 24 hours. While the dollar figures are smaller than the spot market, the percentage gain underscores a significant increase in speculative bets and hedging related to BONE’s future price.
This cross-market increase in Bone volume points to broad-based trader engagement.
Price Dip Contrasts with Trading Frenzy
This frenzy of trading activity occurred against a backdrop of significant price decline. CoinMarketCap figures showed BONE’s price dropping sharply by around 15% during the same 24-hour window, settling near $0.2345. Consequently, its market capitalization also fell by roughly 15% to approximately $53.9 million.
The derivatives market reflected this downward pressure as well. Open Interest – the value of all outstanding contracts – fell by about 21%, according to CoinGlass.
More tellingly, liquidations disproportionately hit traders betting on a price increase (longs). Around $738,000 in long positions were liquidated over 24 hours, compared to virtually no short liquidations.
This suggests the price drop caught many bullish speculators off guard. The 24-hour long/short ratio also tilted slightly bearish at 0.7313, implying more open capital was positioned for further declines.
Interpreting this conflicting data – massive Bone volume alongside a price drop and long liquidations – is complex. Some market watchers might see the volume as a sign of intense distribution or selling pressure.
Others might view it as a potential “shakeout,” where leveraged positions are cleared out during high volatility, potentially setting a cleaner base if underlying interest, indicated by the sheer volume, persists.
Read More
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- ShibaSwap Outpaces Major DEXs with 228% Volume Growth
- BONE Surges as Bullish Breakout Signals More Upside
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.
