Data shared by Etherscan shows that over the past hour, a staggering 8.8 billion Shiba Inu tokens have been transferred between several wallets – some of them belong to major exchanges Binance and Gate.io.
As it happened, the SHIB price demonstrated a rise of 2% today, now changing hands at $0.00000740 on the Binance exchange.
Close to 9 billion SHIB moved
There have been five transactions, each carrying a minimum of 1.2 billion SHIB and 2.4 billion at maximum.
Part of this SHIB was sold on the top cryptocurrency platform Gate.io – 2,499,592,500 SHIB was moved there from an anonymous crypto wallet. At the same time, a transaction was spotted that carried 1,904,542,431 SHIB from Binance 16 address to an unknown wallet.
The rest of the billions of SHIB were transacted between anonymous whales’ addresses, according to Etherscan.
Top SHIB team member explains why BONE will surge
Official content marketing specialist of the Shiba Inu ecosystem Lucie took to Twitter today to talk to the SHIB army about the token that works as gas on Shibarium – Bone ShibaSwap (BONE).
Lucie named the reasons why she expects BONE to surge in price significantly as soon as Shibarium mainnet is rolled out.
The first reason she named is an increased demand for BONE from the community. Once Shibarium is introduced (supposedly this will happen later this year), BONE usage and adoption within the SHIB ecosystem will spike greatly, Lucie believes. And the more transactions are carried out on Shibarium, the more BONE tokens will be needed to serve as gas on this Layer-2 network. The rising demand for BONE will drive its price up, per Lucie.
🍖WHAT TO UNDERSTAND ABOUT $BONE 🍖— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 28, 2023
With the launch of Shibarium, Bone which serves as the gas fee , is expected to see a significant surge in price.
1. Increased Demand: #Shibarium's introduction will lead to a surge in overall usage and adoption within the Shiba… pic.twitter.com/6w7vIyeEsl
The second reason would be “essentiality and utility”, according to Shiba Inu’s Lucie. This one closely intersects with the first reason – serving as the gas token on Shibarium, BONE will see its intrinsic value and utility surging high. With the growing adoption of Shibarium more and more people and dapps will find it necessary to use BONE.
Aside from that, BONE will become scarce due to its limited token supply. The limited availability of BONE multiplied by its increasing utility can drive its price high up. Lucie also mentioned network effect and investor confidence as other important reasons for the potential BONE price jump.
Besides, BONE continues to secure new listings on crypto exchanges. Earlier today, it was reported that the Shibarium gas fee token was listed by fiat on/off ramp Guardarian, which allows buying and selling crypto for fiat currencies.