Big players quietly piled into BONE in April even as retail momentum showed up as a one-week spike — a mixed signal for Shibarium’s native gas token.
Highlights
- Wallets holding at least 1 million BONE increased their positions by more than 4% in April, driving those large holders’ share to nearly 60% of the total supply.
- BONE passed 93,000 holder addresses this week after adding 5,653 wallets in seven days, an ~87% increase in new-wallet growth versus the prior week (Etherscan showed about 93,010 addresses at the time of reporting).
- The Shibarium team (via the Shibizens X account) attributes most of the recent wallet growth to validator re-delegations on the network rather than a retail-buying surge.
- On-chain flows show BONE moving off centralized exchanges and into non-custodial wallets, while transaction activity on the network is climbing — trends that typically reduce short-term sell pressure and signal growing user engagement.
- Large holders aren’t newcomers: their average holding period is roughly 412 days, suggesting those addresses are positioned for the long haul rather than reacting to short-term volatility.
Market context
- Trading volume jumped 51.77% in a 24-hour window to about $1.7 million, even as BONE’s price traded under pressure around $0.05766 (down ~2.5% on the day).
- Performance remains weak year-to-date (down ~28%) and over the past month (down >10%). BONE’s all-time high was $41.67 in September 2021; at today’s price it sits roughly 99.86% below that peak.
What it could mean
The picture is nuanced. The uptick in large-holder accumulation and the migration of tokens off exchanges point to reduced selling pressure and a degree of confidence from longer-term participants. But much of the headline holder growth appears driven by internal network activity (validator re-delegations) rather than a fresh wave of retail buyers — which tempers claims this is the start of a broad-based rally.
Watch the on-chain data going forward: continued accumulation by big wallets, sustained withdrawals from exchanges, rising active-user metrics and steady volume growth would be more convincing signs of a durable turnaround than a single week of address additions.
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