Shiba Inu’s most recent entry into the blockchain world, with the release of Shibarium’s Layer 2 (L2) blockchain, has sparked a fascinating domino effect, propelling the native governance token, BONE, into the spotlight. According to a recent report from the renowned cryptocurrency data company Etherscan, there has been an extraordinary spike of BONE holders, with a whopping 68% currently profiting.

This paradigm shift can be directly traced to the creation of Shibarium, which quickly established itself as the official gas token for the L2 blockchain. The ramifications are palpable as BONE takes center stage in the cryptocurrency scene.

Etherscan’s data dive reveals an exponential surge in BONE holders, which has now risen to an astonishing 90,151 addresses. An increase of 0.026% in just 24 hours demonstrates BONE’s rapid growth and growing appeal in the dynamic crypto world.

Insights published by the prominent crypto analytics site IntoTheBlock (ITB) paint a more nuanced picture of BONE’s holders:

• 38% of severe BONE lovers have held the token for over a year.
• A notable 49% have held their BONE posts for 1 to 12 months.
• The remaining 13% are newcomers using BONE for less than a month.
• BONE has defied the current adverse market sentiments by surging 17% in 24 hours, securing its current trading position at a healthy $1.41. With this rapid gain, 68% of BONE holders are now profiting. In contrast, 19% experience losses, while the remaining 13% balance the books.

The birth of Shibarium, the game-changing L2 blockchain, is critical to BONE’s rapid adoption. As Shibarium’s authorised gas token, BONE’s utility and demand have seen an unmistakable increase following the L2 blockchain’s much-anticipated launch.

Shibarium’s first popularity spike was met by a minor setback, defined by technological difficulties that were quickly corrected. Shibarium is a humming hub for various operations, from token swaps to complex contract executions. Notably, BONE plays an integral part in most of these transactions, emphasising its importance in the Shiba Inu ecosystem.