Crypto.com Becomes a Major Bone ShibaSwap ($BONE) Holder: What’s Driving the Accumulation?

The crypto world is always buzzing with activity, and lately, all eyes are on Bone ShibaSwap ($BONE), a token within the Shiba Inu ecosystem. Interestingly, Crypto.com, a prominent cryptocurrency exchange based in Singapore, has been making headlines for significantly increasing its holdings of $BONE. But what’s behind this accumulation, and what does it mean for $BONE and the wider Shiba Inu universe? Let’s dive into the details.

Crypto.com: A Whale in the $BONE Ocean?

Recent data from Etherscan, the Ethereum blockchain explorer, reveals that Crypto.com‘s wallet now holds approximately 1% of the total $BONE supply. That’s a substantial amount! To put it into perspective, they’ve become the 10th largest holder of $BONE, according to reports. While the largest wallet still commands a significant 14.25% of the supply, and MXC exchange holds the second-largest share at 8.1%, Crypto.com’s growing stake is definitely noteworthy.

Here’s a quick look at some of the top $BONE holders:

This data paints a clear picture: crypto exchanges are significant players in the $BONE ecosystem. But why is this the case?

Why Are Exchanges Holding So Much $BONE?

The primary reason exchanges like Crypto.com and Gate.io hold large quantities of $BONE is simple: they support trading of this cryptocurrency. Users deposit their $BONE tokens on these platforms to trade them, and the exchanges act as custodians of these assets. This influx of deposits is why their wallets reflect such substantial holdings.

However, it’s interesting to note that major exchanges like Binance and Coinbase have yet to list $BONE. Despite this lack of support from some of the industry giants, $BONE is gaining traction, as evidenced by Crypto.com’s growing holdings and the support from other platforms like MXC and Gate.io.

Important Note: It’s crucial to remember that exchange wallets holding large amounts of tokens don’t necessarily mean the exchange itself has invested heavily in that token. Often, these wallets primarily store the assets of their users.

$BONE’s Price Surge: What’s Fueling the Fire?

According to CryptoGlobe, $BONE has experienced a remarkable price surge this year, catapulting it into the top 100 cryptocurrencies by market capitalization. This impressive growth isn’t random; it’s largely attributed to the anticipation surrounding the mainnet launch of Shibarium, the Shiba Inu ecosystem’s highly anticipated layer-2 scaling solution.

But what exactly makes $BONE so important to the Shiba Inu ecosystem and Shibarium?

$BONE: The Backbone of the Shiba Inu Ecosystem

$BONE is more than just another cryptocurrency; it’s a vital component of the Shiba Inu ecosystem, playing several key roles:

• Governance Token: $BONE is the governance token for Doggy DAO, ShibaSwap’s decentralized autonomous organization. This means $BONE holders have the power to vote on proposals that shape the future direction of the ShibaSwap platform.
• ShibaSwap’s Fuel: $BONE is central to ShibaSwap, the ecosystem’s decentralized exchange (DEX). It’s used for various functionalities within the DEX.
• Liquidity Provider Rewards: Users who provide liquidity to ShibaSwap can earn $BONE tokens as rewards.
• Trading and Swapping: $BONE can be used to exchange ERC20 tokens on ShibaSwap, enabling users to trade and swap various cryptocurrencies within the ecosystem.
• Staking for Interest: $BONE holders can stake their tokens on the network to earn interest, further incentivizing participation and holding.
• Gas Fees on Shibarium: Perhaps most significantly, $BONE is designated as the token for paying gas fees on Shibarium. Every transaction on this layer-2 solution will require $BONE, making it essential for interacting with the Shibarium network.
• SHIB Token Burns: Adding to its utility, Shibarium developers have indicated that transactions will also contribute to burning $SHIB tokens, aiming to reduce the circulating supply of $SHIB and potentially increase its value over time.

What Does This Mean for the Future?

Crypto.com’s accumulation of $BONE tokens, coupled with the anticipation surrounding Shibarium, paints a promising picture for the future of $BONE and the Shiba Inu ecosystem. As Shibarium’s mainnet launch approaches, the demand and utility of $BONE are likely to increase further.

For token holders and those interested in the Shiba Inu ecosystem, keeping a close eye on $BONE’s developments and Shibarium’s launch is crucial. The increasing interest from exchanges like Crypto.com, even without listings on Binance and Coinbase, suggests a growing recognition of $BONE’s potential and its integral role in the evolving Shiba Inu landscape.

In Summary:

• Crypto.com has become a significant holder of Bone ShibaSwap ($BONE) tokens.
• This accumulation highlights the growing interest in $BONE, especially with the upcoming launch of Shibarium.
• $BONE is crucial to the Shiba Inu ecosystem, serving as a governance token, utility token on ShibaSwap, and the gas fee token for Shibarium.
• Despite not being listed on all major exchanges, $BONE is gaining traction and experiencing price appreciation.
• The future of $BONE is closely tied to the success of Shibarium and the continued development of the Shiba Inu ecosystem.

Keep watching this space – the Shiba Inu ecosystem and $BONE are definitely ones to watch!