Shiba Inu’s ecosystem is heating up as an Ethereum whale makes a bold move, acquiring over 1.7 million $BONE tokens worth more than $500,000 in just five days.
The timing of these strategic buys has raised eyebrows, especially with the Shibarium airdrop on the horizon. Javier Olmedo, a well-known member of the Shiba Inu community, brought attention to the activity in a post on X, pointing out that the whale wallet has been purchasing $BONE almost daily since April 27.
Accumulation Strategy or Airdrop Play?
Blockchain data from Etherscan confirms that the wallet started its activity with a 0.2 ETH deposit but quickly escalated to a substantial acquisition of 1.64 million $BONE tokens on April 29, valued at nearly $500,000.
Since then, the address has continued to purchase $BONE daily, accumulating a total of 1,764,519 tokens across six transactions, amounting to approximately $532,000.
This pattern of consistent, high-value buys suggests a calculated strategy, potentially linked to the anticipated Shibarium airdrop. K9 Finance DAO, the official liquid staking protocol on Shibarium, hinted at a major incentive program in a May 2 tweet, urging users to earn “serious XP” based on their on-chain history.
For whales and seasoned traders, accumulating $BONE could serve a dual purpose:
- Airdrop Eligibility: Ensuring significant on-chain activity to qualify for a potentially lucrative Shibarium airdrop.
- Staking and Governance Influence: Positioning themselves as significant stakeholders within the Shiba Inu ecosystem.
BONE’s Declining Price vs. Whale Accumulation
Despite the whale’s aggressive accumulation, $BONE remains in a price slump, trading at $0.3009, down over 99% from its all-time high.
However, the persistent accumulation suggests growing confidence in BONE’s long-term potential as Shibarium’s gas token. The anticipation of network utility and potential incentives is enough to attract deep-pocketed investors, even as BONE’s market price continues to languish.
Sol Killer Burns 10K $BONE – A Deflationary Effect on Circulating Supply?
Meanwhile, Sol Killer (DAMN), a meme coin operating on the Shibarium network, has burned over 10,000 $BONE tokens as part of its ongoing deflationary strategy.
According to Shibariumscan data, the burn was unintentionally triggered when Sol Killer destroyed its liquidity pool (LP) last year. The incident rendered 189.47 million DAMN tokens permanently inaccessible, inadvertently reducing BONE’s circulating supply.
As WoofSwap, the platform behind Sol Killer, continues to allocate fees to LP holders, the locked tokens create a cumulative deflationary effect, effectively reducing BONE’s available supply despite not being reflected on Etherscan.
Bottom Line
With a potential Shibarium airdrop on the horizon and major whale activity ramping up, BONE may be positioning itself as a critical asset within the Shiba Inu ecosystem. However, investors should tread cautiously, as market volatility and speculative trading could still pose significant risks.
