The recent increase in interest in BONE has also attracted the attention of large investors. Data from IntoTheBlock on-chain analytics firm shows that large transactions on the BONE network have increased in the last 24 hours.
The total volume of large transactions made with BONE increased from 119,360 to 377,960, and the dollar value of these transactions increased from $127,820 to $402,150.
We saw a similar situation last week with the popular meme coin, Shiba Inu. Increasing large transactions in a cryptocurrency can have different meanings depending on various factors. However, an increase in large transactions usually indicates increased demand in the market or increased interest from large investors. The increase in large transactions for BONE can be considered a strong indication that the meme coin is gaining momentum and is becoming more and more popular among investors.
In some cases, large transactions can cause a price movement and lead to an increase or decrease in the price of the cryptocurrency. Therefore, watching large transactions is an important indicator to get an idea of the price movements of cryptocurrencies. However, large trades can also occur due to manipulation or low liquidity in the market. Therefore, the increase in large transactions is not enough to make an investment decision alone and other analyzes should be evaluated together.
Meme Coin Layer-2 Network Shibarium: Under Testing
Alongside these, Shibarium’s testnet Puppynet has also reached various milestones: the testnet continues to progress with an average block time of 8.3 seconds, total transactions reaching one million and total blocks being 300,041. The number of wallet addresses also rose to 151,164.
It’s worth noting that these stats may not be entirely accurate, as Shibarium is still in testing mode. However, the strong performance of BONE and the rapid growth of Shibarium’s testnet Puppynet are encouraging developments for the future of the meme coin ecosystem.
Investors and crypto enthusiasts will be keeping a close eye on the Shiba Inu in the coming weeks to see how Shibarium’s growth will impact BONE’s value and popularity in major transactions.
You can follow the current price action here.