After reaching peak popularity, meme coins haven’t shown any signs of slow down. Despite the bear market, the adoption of meme coins such as Doge, Shiba Inu, and even Baby Doge has been constantly on the rise.
Currently, Shiba Inu’s BONE is one of the most trending tokens. According to WhaleStats data, BONE has climbed to become one of the most used smart contracts among the top 1000 ETH whales.
BONE is one of the major coins from the Shiba Inu ecosystem, along with Doge Killer (LEASH), that serves as its governance token. It is also used for transactions on ShibaSwap and has a total supply of 250 million, with about 7 million coins in circulation.
The coin is currently trading at around $1.5 after rising about 20% in the past week, according to Coinmarketcap data. This might be due to its listing on several new exchanges, including BlueBit, Switcher, MEXC, and FCF Pay.
Another reason for the uptrend may be the impending release of Shibarium, a layer-2 (L2) solution on the Ethereum blockchain proposed by Shiba Inu creator Ryoshi. Once it launches, SHIB will move to the Shibarium, and BONE will be used to manage the L2.
Community interest in Shiba Inu
Meanwhile, SHIB’s declining price hasn’t deterred ETH whales from acquiring it. According to data from WhaleStats, SHIB is the second most held cryptocurrency, excluding stablecoins, among the top 100 ETH wallets.
Ethereum is the most held crypto with an approx value of $20 million. The value of SHIB holdings stands at $1.3 million.
According to Crypteye, the number of SHIB holders increased by 196,059 in the last 3 months and 112,781 in the last 30 days.