Top Asian Exchange Now Largest Single Wallet Holder of Shiba Inu’s BONE

MEXC, a renowned exchange in the Asian market, has become the third biggest holder of BONE with over 12M units; it is also the largest single wallet holder.

In a recent tweet, crypto enthusiast Tech Fusion proclaimed that the prominent Singapore-based exchange, MEXC, emerged from the shadows to become a major holder of Shiba Inu’s BONE token. 

Specifically, Tech Fusion noted that the MEXC exchange is now the third largest BONE token holder with over 12 million coins under its watch. 

📢 Breaking: $MEXC Exchange Steps Out as BONE’s 3rd Largest Holder! 🐾

– MEXC now holds a whopping 12.5M $BONE tokens, valued at $12.67M.

– It’s the largest single wallet holder, outdone only by two smart contracts.

– Oddly, MEXC ranks 8th in $BONE trading volume. 🤔

– High…

— Tech Fusion (@TechFusion_o) September 5, 2023

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MEXC’s Bone Holdings

Notably, data from the Ethereum-based explorer affirmed the claim that MEXC is BONE’s third most significant holder. The 12,506,000 BONE tokens MEXC holds have a market value of nearly $13 million. 

Interestingly, Tech Fusion noted that MEXC could as well claim the title holder for BONE as it is the largest single wallet holder of the token. This view stems from the fact that the two addresses leading the exchange are smart contracts.

Moreover, recent significant inflows to MEXC solidified its position as the third-largest holder of BONE. Between August 20 and 24, the exchange saw a constant inflow of BONE tokens. MEXC received nearly 500,000 BONE in over 75 transactions within the four days in August.

Also, Tech Fusion mentioned that despite this significant holding of BONE, MEXC sits at the eighth position in BONE trading volume among centralized exchanges. However, while CoinMarketCap ranked the exchange eighth, MEXC’s 24-hour BONE trading volume puts it in third place.

According to CoinMarketCap data, crypto market participants traded $489,672 worth of BONE in the past day. Leading the 24-hour trading volume pack were Biconomy and Huobi exchanges with $765,905 and $680,129 volume.

Furthermore, BONE ranks among the top ten cryptocurrencies residing in MEXC’s publicly known wallets. CoinMarketCap data indicated that the $12,618,521 worth of BONE MEXC holds outranks the exchange’s Shiba Inu holding by nearly threefold.

Shiba Inu BONE

It is worth mentioning that BONE is the official gas token of the Shibarium blockchain. The Shiba Inu team recently introduced a wrapped version of the coin, WBONE, for better interoperability. Additionally, Bone serves as the governance ticket for the ShibaSwap DEX.