Shiba Inu Believer Buys 237,000 BONE Tokens in 3 Years Despite 99% Price Drop

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A dedicated Shiba Inu ecosystem investor has spent nearly three years quietly accumulating over 237,000 BONE tokens through consistent daily purchases. Despite BONE’s sharp price drop of more than 99% from its all-time high, this anonymous wallet holder has remained committed to their strategy, demonstrating unwavering belief in the future of the Shiba Inu ecosystem.

Daily BONE Purchases Since 2022

Prominent BONE advocate Javier Olmedo brought the investor’s activity to light in a recent post on X. He highlighted wallet 0xdc1…bdad1, noting that it has been acquiring Bone ShibaSwap (BONE) since August 29, 2022.

Blockchain data from Etherscan reveals that the investor made their first purchase by swapping 0.338 ETH for 447.74 BONE tokens. From that point on, the wallet has executed regular BONE purchases almost daily, marking a rare show of consistency in the volatile crypto market.

By June 2024, the investor had already accumulated around 75,000 BONE tokens. However, their buying momentum didn’t slow. Instead, they accelerated their acquisitions, picking up an additional 162,000 BONE tokens in less than 12 months. This brought their total balance to 237,311 BONE, worth approximately $58,553 at the current token price of $0.2467.

Investor’s Wallet Shows Commitment to the Shiba Inu Ecosystem

This steady investment pattern suggests more than just a speculative strategy. The wallet also holds multiple Shiba Inu ecosystem tokens, including SHIB, KNINE, and ROAR. Notably, ROAR has recently gained attention as one of the most active tokens on Shibarium, Shiba Inu’s layer-2 blockchain network.

The investor’s portfolio clearly aligns with a strong belief in the long-term success of Shiba Inu’s decentralized vision. Among all holdings, BONE stands out as the largest by dollar value, underscoring just how central it is to the user’s strategy.

Community Reacts to the Long-Term Strategy

Within the SHIB community, reactions to this long-term accumulation strategy have ranged from admiration to cautious optimism. Influencer Shib Mehta described the approach as “a smart move,” applauding the discipline and long-term thinking displayed.

While others panic during price crashes, this investor chose to accumulate aggressively during market downturns, adopting a classic dollar-cost averaging strategy that many believe can pay off during future rallies.

BONE’s Volatile Price History

Introduced in July 2021, BONE was created as the governance token for ShibaSwap, Shiba Inu’s decentralized exchange. Initially, the token gained massive momentum, reaching an all-time high of $41.67 by September 13, 2021.

However, the rally didn’t last. By the time the wallet owner made their first BONE purchase in August 2022, the price had dropped to around $1.37. From there, BONE’s decline continued, eventually falling below the $1 mark, and now trades at a modest $0.2467.

Despite the harsh decline, more than 99% below its all-time high, the investor never lost faith. Instead, they viewed the dip as an opportunity to expand their holdings. Based on current prices, the investor is down 81% from their average acquisition cost, yet their commitment remains strong.

Final Thoughts: Belief Beyond the Charts

This investor’s journey offers a powerful narrative about conviction in the crypto world. While BONE’s price struggles to regain traction, the actions of this long-term buyer illustrate that some investors value ecosystem fundamentals over short-term price action.

Whether or not BONE rebounds in the next market cycle, the story of wallet 0xdc1…bdad1 will stand as an example of loyalty, strategy, and the long game in crypto investing.