The Shiba Inu ecosystem token, BONE, is up 10% in the last three days, just in time for Christmas. Since the end of the working week, the price of the ShibaSwap token has risen from $0.755 to $0.823 by Dec. 25.
Interestingly, the day BONE began to rise in price, the token became one of the most bought assets by the top 500 Ethereum holders, as reported by WhaleStats. In addition, BONE saw higher trading volumes on Dec. 18 and 19, exceeding the standard values by factors of 3 and 8.
What's up with BONE?
The more the media field around Shiba Inu gets filled with news and rumors about Shibarium, the long-awaited Layer 2 ecosystem protocol, the more frequent the BONE price fluctuations become. The culprit of these phenomena is the BONE tokenomics, where only 70% of the total supply of 230 million BONEs is in circulation.
BONE currently has a market capitalization of $131.5 million, and the number of its holders, including Ethereum whales, is 64,166 addresses. Meanwhile, according to Etherscan, 17.96% of BONE's total supply is concentrated on a single address, which also contains a small number of LEASH and SHIB, other tokens of the Shiba Inu ecosystem.