Shiba Inu’s BONE Explodes 50%; Cardano, XRP, Ethereum, and Binance Receive Inflows As Investors Pull Funds Out of Bitcoin

BONE, the governance token of the Shiba Inu ecosystem is presently up 45.61% at $1.53 thanks to investor optimism. This is against the backdrop of several crypto assets which were trading in the red at press time because of the recent market selloff. As a result, 24-hour BONE trading volumes increased by a staggering 350%.

The excitement surrounding the asset remains as it gradually approaches its 230 million cap on supply. When 230 million tokens are created, the Shiba Inu community overwhelmingly decided to stop all BONE farming. The remaining 20 million tokens would be utilized on the upcoming Layer 2 Shibarium. The maximum supply of BONE tokens is still 250 million.

BlueBit.io has revealed that the Governance Token of the Shiba Inu Ecosystem, BONE, has been listed on the Saint Vincent and Grenadines-Based Top Exchange.

As shared on the official SHIB Twitter handle, the Singapore-based MEXC exchange, in collaboration with Bone ShibaSwap (BONE), has announced a prize pool of 5,555 BONE to eligible users who participate in the “Sign up, Deposit & Trade” event.

Cardano, XRP, Binance, and Ethereum Receive Inflows

The most recent Coinshares report shows that Bitcoin, where the generally negative sentiment has been concentrated, experienced withdrawals for a third straight week totaling $15 million. Over the same period, there were very small inflows totaling $0.2 million for short bitcoin.

There were $3 million in weekly inflows into Ethereum, and sentiment has improved. Year-to-date outflows for Ethereum investment products reached $459 million at the halfway point of June. Since then, as the Merge has gained more clarity, Ethereum has experienced 9 weeks of increases totaling $162 million.

While Solana experienced outflows for a second week totaling $1.4 million, other altcoins saw unremarkable inflows, most notably Cardano with inflows of $0.5 million. Similar mildly negative sentiment is present in the blockchain equity market, with withdrawals last week totaling $1.6 million.

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