In a startling development, the on-chain metrics of the Shiba Inu token, BONE, have surged an astounding 1,000% in the past 24 hours, per data unveiled by IntoTheBlock.
Remarkably, the volume of substantial transactions, those exceeding $100,000, has catapulted from $102,610 to an astonishing $1.12 million. This surge in transaction volume translates to a staggering turnover of 905,960 BONE tokens.
Further adding to the intrigue, a parallel surge in activity has been observed in wallets held by major Shiba Inu token holders. Data indicates a substantial influx of tokens into addresses owning at least 0.1% of the BONE supply, driving token inflows to an impressive 2.27 million tokens. Conversely, an equivalent outflow, amounting to 2.42 million BONE tokens, has been recorded from these substantial wallets. This results in a net negative flow of 146,000 tokens over the last week.
Although initially appearing as a potential concern, the context provides a positive twist. Most of these addresses are associated with the hot wallets of prominent cryptocurrency exchanges. The outflow of tokens from these exchanges is generally seen as a favorable trend.
The surge in on-chain metrics aligns intriguingly with the backdrop of Shibarium's update. Despite a rocky launch and subsequent ongoing efforts by the development team to mend breakdowns, a notable Shiba Inu team member, known as Lucie within the community, has confirmed Shibarium's "live and running" status. It is important to note that while the protocol is currently in a closed mode, plans for a main network restart are imminent.