Crypto.com is currently the 10th largest holder of Shiba Inu’s (SHIB) offspring token Bone ShibaSwap (BONE). Since March 2, the popular exchange has purchased 2.16 million BONE tokens worth $2.33 million. BONE will be the governance token for Shiba Inu’s upcoming layer-2 network, Shibarium. Although we do not have an exact date for the launch, many anticipate the upcoming layer-2 to go live very soon. Crypto.com’s BONE purchase also coincides with the exchange enabling BONE deposits and withdrawals. The exchange enabled deposits and withdrawals of BONE via its Cronos app.
Crypto.com is just behind fellow Singapore-based exchange, MEXC, which occupies the 9th spot among BONE holders. The top holder is an unidentified wallet that contains over 32.8 million BONE valued at $40.4 million. The MEXC Global exchange-affiliated wallet “Mexc.com 3” takes the second spot, with up to 18.51 million BONE tokens valued at over $22.77 million.
The exchange’s purchase does not seem to have had an effect on the SHIB offspring. The token is still down by 21.3% in the weekly charts, and by 32.5% in the last 30 days. BONE is still 92.72% down from its all-time high of $15.50, attained in July of 2021.
Furthermore, the token’s social engagements have drastically decreased. According to LunarCrush, BONE’s social mentions have decreased by 19.5%, while engagements have decreased by 39.5%. Spam volume, on the other hand, has increased by 634.2%.
Crypto.com big on Shiba Inu?
The popular exchange is also one of the biggest Shiba Inu (SHIB) holders. The newly created/ wallet of Crypto.com recently rose to become the 4th most notable holder of Shiba Inu (SHIB). Last year after the collapse of FTX, exchanges began sharing their reserves. It was revealed at the time that Crypto.com held 20% of its reserves in SHIB.
Recently, $276 million worth of SHIB tokens were moved from Crypto.com to an unknown wallet. It was later revealed that standard custody activities are being carried out on the exchange. The SHIB tokens were moved as part of the processes, which were created to protect the funds. The CEO claims that the actions taken shouldn’t have an effect on exchange users, and a report on Crypto.com’s assets would be made public soon.