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BoneShibaSwap (BONE), a Shibarium gas token, has seen an increase in netflows over the last 24 hours.
Netflows indicate that holders are either lowering their positions, which is negative in this case, or increasing their positions, which indicates accumulation. Netflows could be negative or positive in each case, depending on the situation.
IntoTheBlock’s large holders’ netflow indicator, which provides an idea of the change in the positions of whales, suggests a surprising shift for the Shiba Inu governance token BONE.
Large holders’ netflow increased from ‑15,610 BONE on Feb. 10 to a positive 286,800 BONE on Feb. 11.
Bearing in mind that (positive) spikes in netflow can be seen as accumulation by whales, while drops point to reduced positions or selling, this looks positive as it might imply a shift from selling to accumulation. However, the broader picture for BONE remains that of selling.
In the last seven days, BONE has seen negative outflows of 2,464% as whales reduced their positions.
This is reflected in the BONE price, which has lulled since reaching highs of $0.655 on Feb. 8. The BONE price has maintained a tight range since this date, indicating a tussle between bulls and bears. However, the bears have been gaining the upper hand, with BONE set to mark four out of five days in red.
At the time of writing, BONE was down 1.99% in the last 24 hours to $0.60, mirroring general market declines.
If BONE finds a bottom after protracted bearish selling, it may approach $1 next. On the other hand, if the downturn continues, BONE appears to have established firm support near the $0.50 level.