BroadChain learned that at 03:20 on April 27, according to NewsBTC, the number of BONE holding addresses exceeded 93,000 this week, adding 5,653 wallets in 7 days, with a weekly growth rate of 87%. The Shibarium team pointed out that the growth was mainly driven by network validator re-delegation, rather than a surge of retail buyers. On-chain data shows that BONE is flowing from centralized exchanges to non-custodial wallets, with trading volume surging 51.77% to $1.7 million in 24 hours.
Whale holdings increased by 4.2% in April, accounting for nearly 60% of the total supply, with an average holding period of about 412 days, indicating that major participants are focusing on the long-term development of Shibarium. However, BONE’s price remains under pressure, currently at $0.05766, down 2.5% intraday. It has fallen 28% year-to-date and is down 99.86% from its all-time high of $41.67 in September 2021.
Whether the growth in holdings can reverse the long-term downtrend remains to be seen.