Investors in a Shiba Inu-related altcoin are now significantly outperforming those who own Shiba Inu (SHIB).
Analysis firm IntoTheBlock says that most Bone ShibaSwap (BONE) investors are currently “in the money” and enjoying the profits.
According to IntoTheBlock, 56,370 BONE addresses are in the green, representing almost 75% of all Bone ShibaSwap wallets.
Only 14.91% are currently underwater, with the remaining 11.22% of BONE addresses breaking even.
Meanwhile, 30.56% of Shiba Inu owners are in profit, while almost 65% are in loss.
About 5.85% of SHIB owners are breaking even.
BONE is the governance token of the decentralized exchange ShibaSwap. It will also be used to pay gas fees at Shibarium, the highly anticipated Layer 2 project built on top of Ethereum (ETH), similar to Polygon (MATIC).
BONE has erupted this year in anticipation of the release of Shibarium. The Shiba Inu-related altcoin skyrocketed from its yearly opening of $0.877 to its current value of $1.55, an increase of more than 76%.
As for SHIB, the popular meme token is up about 35% over the same time period. At time of writing, SHIB is worth $0.00001096, a significant retracement from its 2023 high of $0.00001520, which was recorded in early February.
SHIB’s weakness of late may be related to the sales of embattled crypto lender Voyager.
Analytics firm Lookonchain says Voyager now controls more than $57.28 million in SHIB, compared to Shiba Inu’s $81 million at the end of February.
Wallet tracker WhaleStats says that the 100 largest Ethereum whales in existence hold over $600 million worth of SHIB, making it the most popular altcoin after USD Coin (USDC) and Tether (USDT).
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