While the crypto market appears to be in decline, Bone Shibaswap (BONE), the governance token of the Shibaswap ecosystem, has been on the rise. As of this writing, the Bone Shibaswap price has skyrocketed by an impressive 8.3% in the last 24 hours, according to data from CoinGecko.
However, a broader look at BONE’s market performance indicates a disappointing run over the past month. The meme token has experienced a 16.8% price drop in the last 30 days.
OKX becomes 13th largest BONE holder
Without a doubt, the increase in the price of Bone Shibaswap reflects recent market activity. On-chain data from Etherscan.io reveals that OKX, a major cryptocurrency exchange, has acquired a staggering 1,900,736.16586897 BONE tokens (equivalent to $1,788,547.11) in the last 24 hours.
This acquisition, executed through multiple transactions, moved OKX to 12th place on the list of largest BONE holders. OKX is not the only exchange on this list, as Singapore-based firms Crypto.com and MEXC Global are also members of the exclusive club.
The buying spree began after OKX launched a voting event on Friday, April 21, inviting users to vote for the meme project they would like to see listed on the exchange. The voting event features five of the most popular meme tokens, including AIDOGE, BONE, BONK, OPTI, and PEPE.
OKX also stated its intention to list the three tokens with the highest number of votes. The voting event will end at exactly 06:00 am UTC on April 24, 2023. The results will be announced on the same day at 10:00 am UTC.
If OKX lists BONE on its stock exchange, it will be the largest stock listing ever. Of course, as has been exposed in the last 24 hours, this would have an impact on the value of Bone Shibaswap. Other notable exchanges that have listed the token include Crypto.com, Gate.io, Bitget, Bing, and BTCEX.
Is it time to buy the dip?
Following the movement of the coin in the past, BONE jumped to new heights when it was listed on a crypto exchange. However, it is worth noting that these price increases were short-lived, as is often the case in the market these days.
For example, after the cryptocurrency was listed on Crypto.com in early March, it surged 14.8% in just a few days. By the end of March, the token’s price had plunged by a disappointing 30.9%.
According to CoinCodex’s price prediction, the current sentiment for Bone Shibaswap is bearish, with the token expected to lose 6.99% of its current value in five days. Meanwhile, the coin is projected to lose an additional 40% over the next month. That being said, this information should not be taken as investment advice.
BONE is currently priced at $0.945, with a daily trading volume of $4,888,630.
BONE trading at $0.9404 | Source: BONE/USD chart from TradingView
Featured Image from CoinGecko, Chart from TradingView
This post BONE Rise 8.3% as OKX Accumulates 1.71M BONE Tokens in 1 Day
was published first on https://www.newsbtc.com/altcoin/bone-surges-as-okx-amasses-tokens-in-1-day/