Blockchain News

OKX Listing of Shiba Inu Ecosystem Token $BONE Sends Exchange’s Holdings Soaring by 400%

OKX, a cryptocurrency exchange in Seychelles, recently held a poll in which users were asked to vote on their favorite meme-inspired coin on the platform. The Shiba Inu ecosystem token $BONE is one option. As a result of its success, the exchange listed its token and became one of its major holders.

OKX’s $BONE token ownership increased 400% in three days after the IPO, according to Ethereum blockchain data. The exchange’s wallets now include a whopping 7.85 million BONE worth $8.55 million.

OKX is now the fourth largest cryptocurrency holder, surpassing the Shiba Inu: Migrator address and a address, ranked fifth and eighth, respectively. OKX’s current holdings are 400% higher than the 1.56 million BONE it owned on April 21. The exchange presently controls 3.41% of the entire supply of BONE. The enormous surge is due to large deposits of BONE tokens over the weekend, with 378,342 entering on Saturday and a staggering 5.87 million arriving on Sunday.

According to CryptoGlobe, BONE’s price has skyrocketed this year, making it one of the top 100 cryptocurrencies by market capitalization. ShibaSwap, the ecosystem’s decentralized exchange, is known to use the token. It’s a “governance token that aims to allow Shiba users to vote on the upcoming proposal on Doggy DAO,” the ShibaSwap platform’s decentralized autonomous organization, according to Coinbase.

ShibaSwap pays BONE token holders to provide liquidity to the network by allowing users to exchange their ERC20 tokens for other coins. BONE token holders can earn interest by staking on the network.

Shibarium is also centered on BONE since the platform’s developers have indicated that every transaction requires BONE to pay gas fees and will burn SHIB to make the latter increasingly rare.


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