Wallets holding at least 1 million BONE quietly grew their positions by more than 4% in April — a shift that may reveal more about the token’s trajectory than any single-week spike in addresses.
Validator Activity Drives Holder Surge
BONE, the gas token for Shiba Inu’s Layer-2 Shibarium, surpassed 93,000 holder addresses this week after adding 5,653 new wallets in seven days, a weekly growth rate the Shibarium team reported as roughly 87% versus the prior week. On-chain checks showed the total at about 93,010 at the time of reporting. The Shibarium team attributes much of the jump to validator re-delegations on the network rather than a sudden influx of retail buyers.
Data also shows tokens moving off centralized exchanges into non-custodial wallets. Shibarium reports rising transaction activity and an expanding active user base — patterns that often lead to lower short-term selling pressure and greater user confidence.
Big Wallets Holding Long, Holding More
Large holders increased positions by about 4.2% in April, pushing their collective share to nearly 60% of total supply. These are not new entrants: Shibarium data indicates an average holding period of roughly 412 days, signaling that major participants appear focused on the network’s longer-term outlook rather than short-term price moves.
Trading volume jumped sharply, up 51.77% over 24 hours to around $1.7 million, even as BONE’s price slipped to about $0.05766, a 2.5% drop on the day.
Price Gap Remains a Heavy Overhang
The on-chain and holder metrics present a mixed picture. Year-to-date, BONE is down about 28%, and it has lost more than 10% over the past month. Those declines sit within a much larger drawdown: BONE’s all-time high was $41.67 in September 2021. At current levels the token trades roughly 99.86% below that peak — a gap no single week of holder growth can erase.
The network’s surpassing of 93,000 holders follows what the Shibarium team called a massive weekly surge. Whether rising holder counts, higher volume, and accumulation by large wallets signal a broader turnaround or simply reflect routine network mechanics remains uncertain.
Featured image from Unsplash, chart from TradingView
