The Shiba Inu governance token and Shibarium gas token known as BONE are experiencing a notable increase in millionaire addresses.

According to data from IntoTheBlock, there has been significant growth in the number of millionaire BONE holders, particularly those who possess between 10 million and 100 million BONE tokens. Over the past 30 days, this group has witnessed a remarkable surge of 33.33%.

The "Addresses by Holdings" metric provides insights into the behavior of larger and smaller cryptocurrency holders over time as they either increase or decrease their token balances.

What's intriguing is that this group of millionaire addresses has also boosted their holdings by 33.02% within the same 30-day period. This trend persists despite the declining prices of BONE, which have been sliding since the beginning of August.

It's evident that millionaire addresses are accumulating BONE, even in the face of declining prices. Notably, those with holdings ranging from 1 million to 10 million BONE have increased their positions by 3.35%.

In positive news related to listings, BONE was recently added to the Turkish-based cryptocurrency platform Bitcointry, available for trading with the BONE/USDT pair.

BONE Price Movement

BONE has been on a steady decline since it reached its peak of $1.82 on August 5th. Interestingly, BONE prices have remained stagnant since the beginning of October, with eight out of ten days showing losses.

At the time of writing, BONE has experienced a 2.55% decrease in the past 24 hours, bringing its price to $0.71. If today concludes in the red, it will mark the seventh consecutive day of losses for BONE.

Due to these price declines, BONE has retraced to levels last seen in June of this year. If bullish sentiment returns, BONE may aim for the $0.924 level, which aligns with the daily Moving Average 50 (MA 50).

Conversely, further declines could target the $0.653 level. Interestingly, BONE witnessed a significant rebound from that level in late June, after which its price tripled.