Investors in one Shiba Inu-related altcoin are now significantly outpacing those who hold Shiba Inu (SHIB) itself.
The analytics firm IntoTheBlock says the majority of Bone ShibaSwap (BONE) investors are currently “in the money” and enjoying profits.
According to IntoTheBlock, 56,370 BONE addresses are in the green, representing nearly 75% of all Bone ShibaSwap wallets.
Only 14.91% are currently underwater, with the remaining 11.22% of BONE addresses are at breakeven.
Meanwhile, 30.56% of Shiba Inu holders are in profit, while nearly 65% are nursing losses.
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 for gas fees on Shibarium, the much anticipated layer-2 project built on top of Ethereum (ETH), similar to Polygon (MATIC).
BONE has erupted this year in anticipation of Shibarium’s release. The Shiba Inu-related altcoin soared from its yearly open of $0.877 to its current value of $1.55 – an increase of over 76%.
As for SHIB, the popular meme token has rallied by roughly 35% over the same timeframe. 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 as of late may be linked to the sales from the embattled crypto lender Voyager.
The analytics firm Lookonchain says Voyager now controls over $57.28 million in SHIB, compared to $81 million worth of Shiba Inu in late February.
The wallet tracker WhaleStats says that the largest 100 Ethereum whales in existence own over $600 million worth of SHIB, making it the most popular altcoin after USD Coin (USDC) and Tether (USDT).
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The post Traders Who Pounced on Shiba Inu-Related Altcoin Are Significantly Outperforming Investors in SHIB: IntoTheBlock appeared first on The Daily Hodl.