Shiba Inu to Launch a New Token Via Shardium! Here is the Full Details on the BONE Airdrop

The Shiba Inu ecosystem is buzzing with anticipation as speculation mounts about the potential launch of a new token on its Layer-2 scaling solution, Shibarium. 

This excitement is further fueled by significant accumulation of $BONE tokens by an Ethereum whale, hinting at a possible airdrop related to the new development.

This article dives into the details surrounding the rumored new token launch on Shibarium and the recent whale activity involving $BONE, the gas token of the Shibarium network.

Whale Accumulates Massive Amount of $BONE Ahead of Potential Shibarium Airdrop

An Ethereum whale has been actively accumulating $BONE tokens, the native gas token of Shibarium, over the past five days. 

This significant accumulation, totaling over 1.7 million $BONE, has caught the attention of the Shiba Inu community, especially with whispers of a potential airdrop on the horizon.

Javier Olmedo, a prominent member of the Shiba Inu community, highlighted this unusual activity on X (formerly Twitter). He pointed out that a new wallet address has been consistently purchasing substantial amounts of BONE on a near-daily basis.

“Does he know something we don’t?” Olmedo questioned, emphasizing that the whale’s BONE holdings have now exceeded $500,000 in value.

Also Read: SHIBA INU(SHIB) Price Today

Tracking the Whale's Consistent $BONE Purchases

Blockchain data from Etherscan confirms the wallet's initial activity on April 27th, marked by a small 0.2 ETH deposit. 

However, the significant accumulation began on April 29th at 08:43 p.m. UTC, with the purchase of a staggering 1.64 million BONE tokens, valued at nearly $500,000 at the time.

Since this initial large purchase, the same wallet address has executed similar substantial buys around the same time each evening. This consistent pattern suggests the potential use of an automated trading bot, strategically acquiring BONE.

As of the latest data, the whale has amassed a total of 1,764,519 $BONE tokens across six distinct transactions, with a total value of approximately $532,000.

Also Read: Reasons Why SHIB Is Better Than Other Meme Tokens

Hints of a Shibarium Airdrop Fuel Speculation

Adding to the intrigue surrounding the whale's accumulation is a recent tweet from K9 Finance DAO, the official liquid staking protocol on Shibarium. On May 2nd, they hinted that users could earn "serious XP" based on their on-chain history in an upcoming airdrop.

This cryptic message has ignited further speculation within the Shiba Inu community that "smart money" is strategically positioning itself by accumulating BONE in anticipation of this potential airdrop related to a new token launch on Shibarium.

It's worth noting that this isn't the first instance of significant BONE accumulation being tracked by Javier Olmedo. Last month, he identified another wallet that had been steadily building its BONE holdings for over two years, now holding over 242,000 tokens.

$BONE's Utility and Long-Term Potential on Shibarium

Despite the current price of BONE trading at $0.3009 (and significantly down from its all-time high), the consistent large-scale accumulation suggests a growing belief in its long-term utility within the Shibarium ecosystem. As the gas token for Shibarium, BONE is essential for all transactions on the Layer-2 network.

Sol Killer (DAMN) Burns a Significant Amount of $BONE on Shibarium

In a separate development within the Shibarium ecosystem, Sol Killer (DAMN), a meme coin built on Shibarium, announced the burning of over 10,000 $BONE tokens. 

This burn was confirmed by data from Shibariumscan and also included the burning of 189.47 million DAMN tokens as part of the project's deflationary strategy.

Interestingly, the burn mechanism was unintentionally activated when Sol Killer destroyed its liquidity pool (LP) last year. Since then, BONE and DAMN tokens locked in these LP contracts have become permanently inaccessible.

As WoofSwap, the platform behind Sol Killer, allocates fees to LP holders and the protocol, the LP burn effectively locks 70% of these fees forever, turning them into token burns.

While this BONE burn isn't visible on Etherscan due to its execution on Shibarium's Layer-2 network using wrapped BONE (wBONE), it still contributes to reducing the overall circulating supply of BONE. The original BONE tokens remain locked in Ethereum bridge contracts, thus preserving the deflationary effect.

What Does This Mean for the Shiba Inu Ecosystem?

The potential launch of a new token on Shibarium, coupled with the significant BONE accumulation and token burns, indicates ongoing development and activity within the Shiba Inu ecosystem. The Shibarium network aims to offer faster and cheaper transactions for Shiba Inu users, and the introduction of a new token could further expand its utility and attract more users.

However, it's crucial for investors and community members to remain vigilant and conduct their own research before making any investment decisions based on speculation or whale activity.

Also Read: Shib Holders Surpass 1.5 Million: A Resounding Milestone

Conclusion

This article provides a detailed overview of the recent developments within the Shiba Inu ecosystem, focusing on the potential launch of a new token on Shibarium and the significant BONE accumulation. Remember to always exercise caution and conduct your own research before investing in cryptocurrencies.

FAQ

Is Shiba Inu launching a new token on Shibarium?

While there hasn't been an official announcement of a new token launch directly from the Shiba Inu team, recent whale activity involving $BONE and hints from projects like K9 Finance DAO suggest the possibility of a new token being introduced on the Shibarium network, potentially accompanied by an airdrop.

What is the significance of the $BONE whale accumulation?

The accumulation of over 1.7 million $BONE tokens by a single Ethereum whale ahead of potential Shibarium developments suggests that this entity anticipates significant utility or rewards associated with holding BONE, possibly related to an upcoming airdrop of a new token.

What is a Shibarium?

Shibarium is a Layer-2 scaling solution for the Shiba Inu ecosystem built on the Ethereum blockchain. It aims to provide faster and cheaper transactions for users within the Shiba Inu community.

What is $BONE and its role in Shibarium?

$BONE is the gas token of the Shibarium network. It is used to pay for transaction fees on the Layer-2 network.

What is an airdrop in the context of cryptocurrency?

An airdrop is the distribution of free cryptocurrency tokens to existing wallet addresses, often as a way to promote a new project or reward early adopters.