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Shiba Inu's BONE: Third Biggest Holder Emerges From Shadows

Tue, 09/05/2023 - 11:57
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Gamza Khanzadaev
Millions of Shiba Inu token BONE found in this major exchange's wallet
Shiba Inu's BONE: Third Biggest Holder Emerges From Shadows
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In a surprising turn of events, the latest data from Etherscan has revealed that the MEXC exchange has steadily risen to become the third-largest holder of Shiba Inu token BONE. With a staggering 12.506 million BONE tokens currently residing in MEXC's hot wallet, this stash equates to a jaw-dropping $12.67 million at the current token price.

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What makes this revelation even more intriguing is that MEXC's wallet can claim the title of the largest single wallet holder of BONE, as the only bigger holders are the two smart contracts linked to staking management and ShibaSwap.

Source: Etherscan

It is a paradoxical situation, considering that MEXC does not even rank among the top five centralized exchanges in terms of BONE trading volume. According to CoinMarketCap, MEXC languishes in eighth place with a daily turnover of $640,500 BONE. Leading the pack are Huobi, OKX and Gate.

More interesting BONE data

Delving deeper into the data, it becomes evident that MEXC's liquidity score for BONE stands at a formidable 351, trailing behind only Bitget. This high liquidity score underscores the significance of MEXC's substantial BONE holdings, suggesting that these holdings play a pivotal role in maintaining the token's liquidity on the exchange.

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In turn, BONE has also clinched a place among the top 10 digital assets held in MEXC's known hot wallets, surpassing SHIB's own reserves more than fourfold. This remarkable shift in BONE's distribution emphasizes MEXC's strategic positioning in the Shiba Inu ecosystem and its growing prominence within the community.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.