Unexpectedly, according to statistics released by IntoTheBlock, the on-chain metrics of the Shiba Inu coin, BONE, have increased by an amazing 1,000% in the last 24 hours.
Surprisingly, the number of significant transactions—those over $100,000—has increased dramatically, rising from $102,610 to an astounding $1.12 million. The astonishing turnover of 905,960 BONE tokens is the result of this spike in transaction activity.
A corresponding increase in activity has been seen in wallets used by significant Shiba Inu token holders, which heightens the curiosity even more. The inflow of tokens to addresses holding at least 0.1% of the BONE supply has been significant, according to data, resulting in noteworthy inflows of 2.27 million tokens. In contrast, a comparable outflow from these sizable wallets totaling 2.42 million BONE tokens has been noted. A net negative flow of 146,000 tokens during the previous week is the effect of this.
Although it can seem worrying at first, the background offers a surprising benefit. The majority of these addresses are linked to well-known cryptocurrency exchanges’ hot wallets. Most people consider the withdrawal of tokens from these exchanges to be a positive move.
The rise in on-chain metrics fits Shibarium’s update’s background in a fascinating way. Shibarium has been confirmed to be “live and running” despite a bumpy launch and subsequent attempts by the development team to fix faults, according to a well-known Shiba Inu team member known as Lucie in the community. Even if the protocol is operating in closed mode right now, there are immediate preparations to reactivate the main network.
