Shiba Inu Power Play: Ethereum Whale Snaps Up 1.7 Million $BONE Tokens Ahead of Shibarium Airdrop

Market Shiba inu Whale

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

Author Profile

Share

Copied

Last updated: 

May 5, 2025

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

An Ethereum whale has accumulated over 1.7 million $BONE tokens over the past five days ahead of a potential Shibarium airdrop, making waves in the Shiba Inu ecosystem.

Javier Olmedo, a member of the Shiba Inu community, flagged the activity in a recent post on X, noting that a new wallet has been purchasing BONE almost daily.

“Does he know something we don’t?” Olmedo asked, highlighting that the wallet’s holdings have surpassed $500,000 worth of $BONE.

Whale Wallet Purchases $BONE Daily

Blockchain data from Etherscan confirms the wallet’s first activity on April 27, starting with a modest 0.2 ETH deposit.

But just two days later, on April 29 at 08:43 p.m. UTC, the whale made its first major BONE purchase—1.64 million tokens worth nearly $500,000.

Since then, the address has executed similar purchases at nearly the same time each evening, likely signaling the use of an automated bot.

The wallet has now accumulated 1,764,519 $BONE tokens across six transactions totaling approximately $532,000.

The timing and precision of these buys suggest a calculated strategy, possibly tied to the upcoming Shibarium airdrop.

Adding to the intrigue, 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 in an upcoming airdrop.

The message has fueled further speculation that smart money is positioning itself early.

This isn’t the first time Olmedo has tracked steady $BONE accumulation.

Last month, he pointed out another wallet that had been building its BONE stash for over two years, now holding over 242,000 tokens.

Despite BONE’s current price slump — trading at $0.3009 and down more than 99% from its all-time high — large-scale accumulation suggests growing confidence in its long-term utility as Shibarium’s gas token.

Sol Killer Burns Over 10K $BONE Tokens via Shibarium’s Unique Mechanism

On Monday, Sol Killer (DAMN), a meme coin operating on Shiba Inu’s Shibarium blockchain, announced it has burned over 10,000 $BONE tokens.

The burn, confirmed by Shibariumscan data, also included the destruction of 189.47 million DAMN tokens, as part of the project’s deflationary approach to increase token scarcity.

The burn mechanism was unintentionally triggered when Sol Killer destroyed its liquidity pool (LP) last year.

Since then, BONE and DAMN tokens stored in LP contracts have become permanently inaccessible.

As WoofSwap—the platform behind Sol Killer—allocates fees to LP holders and the protocol, the LP burn ensures that 70% of fees are forever locked, turning them into effective token burns.

While the burn isn’t visible on Etherscan due to its execution on Shibarium’s L2 network using wrapped tokens (wBONE), it still impacts the circulating supply.

Since the original $BONE remains locked in Ethereum bridge contracts, the deflationary effect is preserved.