Over the last day, netflows into the Shibarium gas token BoneShibaSwap (BONE) have increased.
Netflows show that holders are either building up their positions—which is positive in this instance—or decreasing them—which is negative. Depending on the circumstances, netflows might be either positive or negative in each instance.
The Shiba Inu governance token BONE appears to have undergone an unexpected transformation, according to IntoTheBlock’s big holders’ netflow indicator, which gives a sense of the change in whale positions.
The netflow of large holdings went from -15,610 BONE on February 10 to a positive 286,800 BONE on February 11.
Considering that whales may interpret (positive) netflow spikes as accumulation, whereas decreases indicate lowered positions or selling, this is favourable since it may indicate a change from selling to accumulation. The bigger picture for BONE is still still selling, though.
Due to whales reducing their holdings, BONE has had negative outflows of 2,464% over the past seven days.
The price of BONE, which peaked on February 8 at $0.655, has since levelled down. Since then, the price of BONE has remained inside a narrow range, suggesting a battle between bulls and bears. But the bears are starting to have the upper hand; according to BONE, four of the next five days will be marked in red.
As of this writing, BONE has down 1.99% to $0.60 over the previous day, reflecting losses across the board in the market.
After prolonged bearish selling, BONE may reach $1 if it reaches a bottom. However, if the decline persists, BONE seems to have solidified support at or around the $0.50 mark.
