Major Crypto Exchange Becomes 10th Largest Bone ShibaSwap ($BONE) Token Holder

by Arthur · March 23, 2023

Crypto.com, a major Singapore-based cryptocurrency trading platform, has seen its wallets fill up with Bone ShibaSwap ($BONE) as token hodlers continue to deposit tokens on the platform amid a lack of support from other major exchanges.

According to data from Ethereum blockchain explorer Etherscan, Crypto.com’s wallet currently holds around 1% of $BONE’s supply, with the largest wallet in the cryptocurrency ecosystem holding around 14.25%. The second largest wallet belongs to another exchange, MXC, which has 8.1%.

These cryptocurrency exchanges have such significant amounts of BONE that they support trading in the cryptocurrency, while other major trading platforms including Binance and Coinbase have yet to list the cryptocurrency that is a large part of the Shiba Inu ($SHIB) ecosystem.

Other notable large wallets whose owners have been identified include another major exchange, Gate.io, which holds 0.48% of the cryptocurrency’s circulating supply, and the ShibaSwap Treasury wallet, which holds 0.51% of the cryptocurrency’s supply.

It is important to note that exchange wallets often contain a significant amount of tokens. However, this does not necessarily mean that the exchanges themselves have invested in these tokens. In fact, these wallets typically contain the tokens of the exchange’s users who have chosen to store their assets with them.

As CryptoGlobe reported, BONE has seen its price explode so far this year, a move that helped it become one of the top 100 cryptocurrencies by market capitalization. The cryptocurrency’s price has exploded ahead of the mainnet launch of Shibarium, the Shiba Inu ecosystem’s tier-2 scaling solution.

The token is known to be central to the ecosystem’s decentralized exchange ShibaSwap, and according to Coinbase, it is a “governance token aimed at allowing the Shiba users to vote on the upcoming proposal for the Doggy DAO,” which is the ShibaSwap platform’s decentralized autonomous organization. .

ShibaSwap allows BONE token holders to earn rewards for providing liquidity to the network, with users able to exchange their ERC20 tokens for other coins through it. BONE token holders can also stake on the platform to earn interest.

BONE is also central to Shibarium, as the team behind the platform has confirmed that every transaction on it will require BONE to pay for gas fees, and will burn SHIB to make the latter more scarce.