BONE Network Surges: 93,000 Holders Point to Strategic Accumulation
The BONE Network, the gas token for Shiba Inu's Layer-2 blockchain Shibarium, has witnessed a remarkable increase in its holder count, now exceeding 93,000 addresses. This significant growth, driven primarily by validator re-delegations rather than a flood of new retail investors, suggests a deeper, more strategic confidence in the token's long-term prospects.
Validator Activity Fuels Growth, Whales Accumulate
In a single week, BONE added 5,653 new wallets, marking an impressive 87% weekly growth rate. Data from Shibarium's official X account and Etherscan confirm this surge, attributing most of it to existing validators re-delegating their positions within the network. Simultaneously, on-chain data reveals a trend of BONE tokens migrating from centralized exchanges to non-custodial wallets, coupled with escalating transaction activity and an expanding user base. These indicators typically signal reduced short-term selling pressure and bolster overall user confidence in the network's ecosystem. Large holders, those with over 1 million BONE, increased their positions by over 4% in April, pushing their collective share to nearly 60% of the total supply. With an average holding period of around 412 days, these whales appear focused on Shibarium's long-term trajectory rather than fleeting price movements.
Price Discrepancy and Future Outlook
Despite the robust growth in holder numbers and a 51.77% surge in 24-hour trading volume to $1.7 million, BONE's price has faced downward pressure, experiencing a 2.5% drop in a single day, trading around $0.05766. This contrasts sharply with its all-time high of $41.67 reached in September 2021, placing the current price 99.86% below its peak. Year-to-date, BONE has lost 28% of its value, shedding over 10% in the last month alone, as part of a multi-year decline. The ongoing accumulation by large wallets, combined with growing network activity, paints a complex picture. While the Shibarium team hails the recent holder increase as a "massive weekly surge," the ultimate impact on BONE's value — whether it signals a major turning point or merely routine network operations — remains a key point of observation for the crypto community.
