Seychelles-based cryptocurrency exchange OKX has recently conducted a poll asking its users to vote on their preferred meme-inspired cryptocurrency listed on the platform, with one of the options being Shiba Inu ecosystem token $BONE. Following its results, the exchange listed its token and became one of its largest holders.
According to data from the Ethereum blockchain, OKX’s $BONE token holdings soared by 400% in three days after the listing, with the exchange’s wallets now controlling a staggering 7.85 million BONE, valued at $8.55 million.
These significant holdings make OKX the fourth largest holder of the cryptocurrency, surpassing the Shiba Inu: Migrator address and a Crypto.com address, which rank fifth and eighth respectively.
OKX’s current holdings represent a 400% increase from the 1.56 million BONE it held on April 21. The exchange now controls 3.41% of the total BONE supply. The dramatic increase is due to large deposits of BONE tokens over the weekend, with 378,342 tokens arriving on Saturday and a remarkable 5.87 million on Sunday.
BONE, as CryptoGlobe reported, saw its price explode so far this year, to the point that it has become one of the top 100 cryptocurrencies by market capitalization.
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.