Crypto.com, a major Singapore-based cryptocurrency trading platform, has been seeing its wallet fill up with Bone ShibaSwap ($BONE) as token hodlers keep depositing tokens on the platform amid a lack of support from other major exchanges.
According to data from Ethereum blockchain explorer Etherscan, Crypto.com’s wallet currently holds around 1% of $BONE’s supply, with the largest wallet on the cryptocurrency’s ecosystem holdings around 14.25%. The second-largest wallet belongs to another exchange, MXC, which holds 8.1%.
These cryptocurrency exchanges hold such significant amounts of BONE as they are supporting trading in the cryptocurrency, while other major trading platforms including Binance and Coinbase haven’t yet listed the cryptocurrency that’s a major part of the Shiba Inu ($SHIB) ecosystem.
Other notable large wallets whose owners have been identified include another major exchange, Gate.io, which holds 0.48% of the cryptocurrency’s circulating supply, and the ShibaSwap Treasury wallet, which holds 0.51% of the cryptocurrency’s supply.
It is important to note that exchange wallets often hold a significant amount of tokens. However, this does not necessarily indicate that the exchanges have invested in these tokens themselves. In fact, these wallets typically hold the tokens of the exchanges’ users who have opted to store their assets with them.
As CryptoGlobe reported, BONE has seen its price explode so far this year, in a move that helped it become one of the top 100 cryptocurrencies by market capitalization. The cryptocurrency’s price has been exploding ahead of the mainnet launch of Shibarium, the Shiba Inu ecosystem’s layer-2 scaling solution.
The token is known to be central to the ecosystem’s decentralized exchange ShibaSwap, and according to Coinbase, it’s a “governance token that aims to allow the Shiba users to vote on the upcoming proposal on Doggy DAO,” which is the ShibaSwap platform’s decentralized autonomous organization.
ShibaSwap allows BONE token holders to earn rewards for providing liquidity to the network, with users being able to swap their ERC20 tokens for other coins through it. BONE token holders can also stake on the platform to earn interest.
BONE is also central to Shibarium, as the team behind the platform has confirmed that every transaction on it will require BONE to pay for gas fees, and will burn SHIB to make the latter more scarce.
Featured image via Pixabay.