In recent developments, the Shiba Inu ecosystem has witnessed a remarkable surge in the holdings of the BONE token, a crucial asset within the network and a key component of the thriving Shibarium blockchain.
According to on-chain data sourced from IntoTheBlock, large holders of BONE tokens, colloquially known as “whales,” have increased their balances by an astounding 37.74% over the past 30 days. In dollar terms, this surge translates to substantial 18.21% growth.
These influential holders, known for their substantial investments, are defined as those who possess between 10 million and 100 million BONE tokens within their wallet addresses. Collectively, these addresses currently account for a staggering 76.59 million tokens, representing an impressive 33.3% of the total BONE supply.
This surge in BONE token holdings among whales coincides with the rapid expansion of the Shiba Inu network, Shibarium. As the primary utility token within the blockchain, BONE plays a pivotal role in facilitating transactions, serving as a means to pay for gas and supporting various other functions.
Shibarium, which completed its full launch at the close of August, has already achieved remarkable milestones. With 3 million successfully executed transactions, 1.25 million active addresses and the production of 1 million blocks, the network has demonstrated its robust growth and resilience. Notably, BONE has been prominently featured in many of these transactions, either as a commission fee or as the primary asset exchanged.
