Big holders quietly doubled down on BONE in April, even as the token struggles to recover from years of losses.
What happened
- Wallets holding at least 1 million BONE increased their positions by about 4.2% in April, lifting their combined share to nearly 60% of the token’s total supply. These aren’t new speculators: on average they’ve held BONE for roughly 412 days, suggesting a long-term accumulation play rather than a reaction to short-term price moves.
- BONE’s holder count surpassed 93,000 addresses this week after adding 5,653 wallets in seven days. The Shibarium team’s Shibizens X account said most of that surge stems from validator re-delegations on the network, not a new wave of retail buyers; Etherscan showed about 93,010 addresses at the time of reporting.
- On-chain trends also show tokens moving off centralized exchanges into non-custodial wallets and rising transaction activity — signals that typically reduce near-term selling pressure and indicate growing user engagement.
Market context
- Trading volume spiked 51.77% over 24 hours to roughly $1.7 million, even as BONE’s price drifted lower, trading near $0.05766 (down about 2.5% in a day).
- Despite recent accumulation and higher activity, BONE remains deep in the red: year-to-date it’s down ~28%, more than 10% in the past month, and a staggering 99.86% below its September 2021 all-time high of $41.67.
What it means
The build-up by large holders and increased on-chain activity could signal growing conviction in Shibarium’s long-term prospects. But much of the recent holder growth appears driven by protocol mechanics (validator re-delegations) rather than fresh retail demand, so it’s unclear whether these trends mark a turning point or simply routine network activity.
Sources: Shibizens X, Etherscan, on-chain data and market feeds.
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