The number of BONE token holders on Shiba Inu's Layer-2 blockchain Shibarium has surpassed 93,000 addresses, adding 5,653 new holders over the past week, marking an 87% increase compared to the previous week. This surge is attributed to heightened network activity and validators re-delegating their BONE tokens.
Price Stagnation Despite Growing Adoption
While holder growth is strong, BONE's price remains under significant pressure. The token is currently trading at $0.05766, down 99.86% from its all-time high of $41.67 in September 2021. However, trading volume has climbed 51.77% in the last 24 hours to $1.7 million, suggesting renewed short-term interest.
Large Holders Show Confidence
Addresses holding over 1 million BONE increased their positions by 4.2% in April, indicating whale confidence in Shibarium's long-term potential. As Shibarium's DeFi and gaming ecosystem expands, BONE's utility as a gas and governance token may eventually support its valuation, though market sentiment and token supply remain key headwinds.