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Shibarium’s native gas token BONE has crossed a notable milestone, reaching 93,000 holder addresses this week amid a surge in network activity. While the headline numbers are impressive—5,653 new wallets added in seven days, representing an 87% weekly growth rate—the story beneath the surface reveals a more nuanced picture of where the token may be heading.
According to the Shibarium development team, the bulk of this holder growth stems not from retail buying frenzy but from validator re-delegations on the Layer-2 blockchain. Simultaneously, on-chain analysis shows BONE tokens migrating from centralized exchanges into self-custodial wallets, a pattern typically associated with reduced selling pressure and increased holder conviction. Transaction activity and active user engagement have both climbed alongside these movements, reinforcing the narrative of growing confidence in the network’s fundamentals.
Perhaps more telling than weekly volatility is what major holders are doing with their positions. Wallets controlling at least 1 million BONE expanded their stakes by 4.2% throughout April, now representing nearly 60% of total supply. These institutional and whale-level participants maintain an average holding period exceeding 412 days—well over a year—suggesting they’re betting on Shibarium’s long-term value creation rather than chasing short-term price movements.
Trading volume reinforced the upward momentum, jumping 51.77% in a 24-hour period to reach $1.7 million. However, this surge in volume occurred even as BONE’s price declined 2.5% in a single day, trading near $0.0576. The disconnect between activity metrics and price action is a reminder that bullish on-chain signals don’t always translate immediately to price appreciation.
The broader context remains sobering. BONE has lost 28% of its value year-to-date and more than 10% over the past month. More dramatically, the token trades 99.86% below its all-time high of $41.67 set in September 2021. While growing holder numbers and strong validator participation suggest increasing ecosystem participation, that cavernous gap between current price and historical peaks represents a structural headwind no single week of growth metrics can easily overcome. For investors and observers, distinguishing between genuine fundamental momentum and routine network activity remains crucial.
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