Someone Bought $1M of Shiba Inu’s BONE Token in One Transaction as Prices Rally 40%

A remarkable transaction coincided with the Bone ShibaSwap rally, with an unknown user buying $1.3 million worth of the token.

Notably, SHIBMAXXI took to X (formerly Twitter) to call attention to this transaction. The Shiba Inu community enthusiast noted that while some sold for penny profits, a user accrued massive amounts of the Shiba Inu-native token.

Furthermore, this was bullish for BONE, as the buyer could be expecting the token to rise significantly above its current price. According to SHIBMAXXI, the token could reach $1, marking a 334% rally from the current market price of $0.23.

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Massive $1.3M Bone ShibaSwap Transaction Catches the Eye

For context, a wallet indeed gulped millions of the Bone ShibaSwap token yesterday, according to Etherscan. Specifically, wallet address “0xe9B8” received 4.6 million BONE, worth approximately $1.08 million at the time, on Friday at 18:44 (UTC) from the Shiba Inu native decentralized exchange, ShibaSwap.

Interestingly, it did receive more. Data shows that it also amassed 900,000 BONE ($212,011) from the DEX almost immediately. Notably, the wallet was created the same day by an address tied to Union Chain, a zero-knowledge L2 blockchain.

Remarkably, the wallet transferred all 5.5 million BONE almost instantaneously to another address, “0x6521,” with the transaction appearing more like a bot transaction. Notably, we identified the receiving address as a ShibaSwap StakeManager proxy, a ShibaSwap smart contract that manages staking and DeFi activities.

This means that the transaction may have been facilitated by the ShibaSwap StakeManager smart contract, possibly for staking purposes. It insinuates that the user could be staking BONE to become a validator on the Shiba Inu ecosystem.

BONE Token Soars

Meanwhile, BONE has gone parabolic in the past 24 hours, mirroring a broader market trend. It has rallied by over 40% in the past 24 hours, reaching $0.230 at the time of writing.

Notably, BONE surged to a high of $0.34 on Friday from its opening price of $0.165, marking a 106% rally. However, its price has receded from the high to its current market price.

The BONE token clearly outperformed other Shiba Inu ecosystem tokens, with its face-melting rally in the past 24 hours. Within the timeframe, SHIB grew by 5.5% to $0.00001412%, while Doge Killer (LEASH) declined by 1.2% to $22

Moreover, the rally has sparked positive sentiments around the BONE token with the Shiba Inu community screaming for higher prices. The Shiba Inu team also has a bullish outlook for BONE, suggesting recently that the governance token would benefit immensely from a possible Shiba Inu spot ETF launch.