An Ethereum whale is making big moves in the Shiba Inu ecosystem, scooping up over 1.7 million BONE tokens in just five days. The reason? Speculation is mounting that a Shibarium airdrop may be just around the corner.
Javier Olmedo, a Shiba Inu community member, spotted the whale activity and shared his findings in a post on X. The wallet started by depositing 0.2 ETH on April 27 and then rapidly increased its buying spree. By April 29, the whale had accumulated 1.64 million BONE tokens worth $500,000, and it hasn’t stopped buying since.
What’s Driving This Whale’s Buying Spree?
According to blockchain data from Etherscan, the whale now holds 1,764,519 BONE tokens after six consecutive purchases totaling $532,000. The transactions occur around the same time each evening, suggesting that an automated bot could be behind the systematic buys.
But why $BONE?
BONE is the gas token for Shibarium, the Layer-2 blockchain in the Shiba Inu ecosystem. With the network’s anticipated airdrop event, some investors believe that holding substantial amounts of BONE could qualify them for rewards — particularly if airdrop allocations are based on on-chain activity or token holdings.
Adding fuel to the speculation, K9 Finance DAO, the official liquid staking protocol on Shibarium, tweeted on May 2 that users could earn “serious XP” based on their on-chain history, a statement that has sparked rumors of an airdrop-related incentive.
Sol Killer Burns 10K BONE Tokens – What Does It Mean?
It’s not just whales that are making waves in the Shiba Inu ecosystem. Sol Killer (DAMN), a meme coin operating on Shibarium, has burned over 10,000 BONE tokens, reducing its circulating supply.
The burn was an unintended consequence of Sol Killer’s previous decision to destroy its liquidity pool (LP) last year. This action made 189.47 million DAMN tokens permanently inaccessible, effectively turning them into a burn without explicit on-chain confirmation.
As part of the deflationary mechanism, the LP burn ensures that 70% of fees generated by WoofSwap are locked away, creating a continuous deflationary effect on BONE.
“Even though the burn doesn’t show up on Etherscan, it still reduces the circulating supply of BONE,” the team explained.
Is $BONE a Good Buy Despite Its Price Drop?
Despite the whale’s confidence, BONE’s price action tells a different story. It’s currently trading at $0.3009, down 99% from its all-time high of $11.74.
However, large-scale accumulation suggests that some investors are taking a long-term view, betting that BONE’s role as Shibarium’s gas token could drive demand as network activity ramps up.
If a Shibarium airdrop is indeed imminent, BONE could see a surge in speculative trading, but whether that will be enough to reverse the token’s ongoing downtrend remains to be seen.
What’s Next for Shiba Inu and BONE?
- Whale Watch: With over 1.7 million BONE tokens accumulated, the whale wallet will be closely monitored for signs of further buys or sales.
- Airdrop Speculation: All eyes are on Shibarium and K9 Finance DAO, with rumors suggesting that on-chain activity could qualify users for upcoming airdrops.
- Deflationary Push: Sol Killer’s 10,000 BONE token burn has drawn attention to Shibarium’s unique burn mechanisms, potentially setting the stage for future supply reductions.
Bottom Line
BONE may be down 99% from its peak, but with whale accumulation accelerating and Shibarium’s airdrop looming, the token’s fortunes could shift rapidly. Investors should keep an eye on further whale buys, network activity, and Shibarium-related announcements to gauge whether this accumulation is a signal of insider knowledge or simply speculative trading.
