BONE Network Surpasses 93K Holders Amid Significant Growth
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A Senior Altcoin Analyst, Sarah combines on-chain data with a background in venture capital research. With a Master’s in Computer Science, she provides precise evaluations…
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This week, the BONE network has reached a milestone, surpassing 93,000 holders as the cryptocurrency landscape continues to evolve. The increase in wallets holding the token is notable, with more than 5,600 new holders joining in just seven days, signifying a growth rate of 87% compared to the previous week.
The primary factor contributing to this surge appears to be validator re-delegations on Shibarium, the Layer-2 blockchain associated with Shiba Inu. Insights from the Shibizens X account, which is managed by the Shibarium team, suggest that the majority of this growth is driven by existing holders rather than a new influx of retail investors. Recent Etherscan data confirms that the total number of holder addresses has now reached 93,010.
In addition to the surge in address counts, on-chain metrics indicate a trend where BONE tokens are being withdrawn from centralized exchanges and moved into non-custodial wallets. This shift, as reported by Shibizens, reflects a rise in transaction activity, suggesting that user engagement is increasing and indicating a possible decrease in short-term selling pressure.
Large holders of BONE are also increasing their positions, with a noted rise of 4.2% in April alone. Collectively, these significant investors now hold nearly 60% of the overall supply, with their average duration of holding exceeding 412 days. This long-term commitment suggests that these key participants are focused on the future trajectory of Shibarium rather than reacting to immediate market fluctuations.
Furthermore, trading activity has surged, with a 51.77% increase in trading volume, amounting to approximately $1.7 million over a 24-hour period. Despite these fluctuations, BONE’s price remains under pressure, currently trading around $0.05766, which reflects a daily decrease of 2.5%.
However, the situation is not without its complexities. The year-to-date performance of BONE shows a significant loss of 28%, with more than 10% lost just in the past month. The token’s all-time high was reached in September 2021, when it was valued at $41.67. Today, it trades nearly 99.86% below that peak, highlighting the challenges the asset faces irrespective of the recent uptick in holder numbers.
As the BONE network experiences this surge in holders, the implications of rising transaction volume and long-term accumulation by major wallets remain to be fully understood. Whether these trends signify a major shift or simply reflect typical network dynamics will be observed in the upcoming weeks.
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