Crypto.com, a large Singapore-based cryptocurrency trading site, has seen its wallet fill up with Bone ShibaSwap ($BONE) tokens as token hodlers continue to deposit tokens on the platform in the face of a lack of support from other big exchanges.
According to Ethereum blockchain explorer Etherscan, Crypto.com's wallet now holds approximately 1% of $BONE's supply, while the largest wallet in the cryptocurrency's ecosystem controls approximately 14.25%. Another exchange, MXC, has the second-largest wallet, at 8.1%.
These cryptocurrency exchanges hold such large amounts of BONE because they support trading in the cryptocurrency, whilst other big trading platforms, such as Binance and Coinbase, have yet to list the cryptocurrency that is a key component of the Shiba Inu ($SHIB) ecosystem.
Other significant large wallets with known owners include Gate.io, which owns 0.48% of the cryptocurrency's circulating supply, and the ShibaSwap Treasury wallet, which contains 0.51% of the cryptocurrency's supply.
It is vital to know that exchange wallets frequently include a large number of tokens. This, however, does not necessarily imply that the exchanges have invested in these tokens. Indeed, these wallets often house the tokens of exchange customers who have chosen to store their assets with them.
According to CryptoGlobe, BONE's price has skyrocketed this year, propelling it into the top 100 cryptocurrencies by market capitalization. The value of the cryptocurrency has skyrocketed ahead of the mainnet launch of Shibarium, the Shiba Inu ecosystem's layer-2 scaling solution.
The token is understood to be crucial to the ecosystem's decentralized exchange ShibaSwap, and it's a "governance token that seeks to allow Shiba users to vote on the future proposal on Doggy DAO," which is the ShibaSwap platform's decentralized autonomous organization, according to Coinbase.
ShibaSwap allows BONE token holders to earn rewards for providing liquidity to the network, and users can utilize it to exchange ERC20 tokens for other coins. BONE token holders can earn interest by staking on the network.
Shibarium is also centered on BONE, since the platform's developers have indicated that every transaction will require BONE to pay for gas fees and will burn SHIB to make the latter increasingly rare.