In recent developments, the Shiba Inu ecosystem has witnessed a notable increase in 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 obtained from IntoTheBlock, large BONE token holders, known colloquially as “whales,” have increased their balances by a staggering 37.74% in the last 30 days. In dollar terms, this increase translates into a substantial growth of 18.21%.
These influential holders, known for their significant investments, are defined as those who hold between 10 and 100 million BONE tokens in their wallet addresses. Together, these addresses currently represent a staggering 76.59 million tokens, representing an impressive 33.3% of the total BONE supply.
This increase 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 critical role in facilitating transactions, serving as a means to pay for gas, and supporting various other functions.
Shibarium, which completed its full launch in late August, has already achieved notable milestones. With 3 million successfully executed transactions, 1.25 million active addresses, and the production of 1 million blocks, the network has demonstrated its strong growth and resilience. In particular, BONE has featured prominently in many of these transactions, either as a fee or as the primary asset exchanged.
