Shiba Inu’s BONE token experiences astonishing 898% surge in on-chain transactions, driven by Shibarium’s expansion
In an interesting twist of events, the Shiba Inu ecosystem is currently in the midst of a remarkable surge in on-chain transactions, with a particular spotlight on the BONE token.
Recent data analysis has unveiled an astonishing 898% increase in large transactions, each valued at $100,000 or more, involving the BONE token.
Esteemed blockchain data provider IntoTheBlock has shared that substantial BONE transactions have surged, propelling the token’s value by a staggering $3.27 million. This unprecedented upswing equates to approximately 4.6 million BONE tokens, painting a vivid picture of the cryptocurrency’s soaring popularity.
In the wake of this surge, the daily volume of large transactions has skyrocketed to an impressive 5.17 million BONE tokens, corresponding to a colossal $3.63 million.
Intriguingly, simultaneous with the surge in on-chain activity, the BONE token has also witnessed increased transfer activity within Shibarium. The blockchain project led by the SHIB team has embraced BONE as the primary payment method for gas on the network and the staking token for validators.
According to latest data from Shibariumscan, new transfers of the BONE token have experienced a remarkable 73.6% increase within the past 24 hours, totalling an impressive 863 transfers.
The precise catalyst for this phenomenal surge remains undisclosed. However, the undeniable fact is that the BONE token is currently undergoing an extraordinary surge in both on-chain transactions among major investors and its role within Shibarium.