BONE Triggers 2,464% Netflow Surge as Whales Move, Here’s Catch

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Shiba Inu: BONE Triggers 2,464% Netflow Surge as Whales Move, Here's Catch
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Dis­claimer: The opin­ions expressed by our writ­ers are their own and do not rep­re­sent the views of U.Today. The finan­cial and mar­ket infor­ma­tion pro­vid­ed on U.Today is intend­ed for infor­ma­tion­al pur­pos­es only. U.Today is not liable for any finan­cial loss­es incurred while trad­ing cryp­tocur­ren­cies. Con­duct your own research by con­tact­ing finan­cial experts before mak­ing any invest­ment deci­sions. We believe that all con­tent is accu­rate as of the date of pub­li­ca­tion, but cer­tain offers men­tioned may no longer be available.

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, Cour­tesy: IntoTheBlock

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. 

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