Singapore-based MEXC exchange has become the third largest holder of Shiba Inu’s BONE token, as reported by crypto enthusiast Tech Fusion. The exchange now holds over 12 million BONE tokens, valued at nearly $13 million, making it the largest single wallet holder of this token.

According to Tech Fusion’s analysis, the two addresses ahead of MEXC are confirmed smart contracts, which supports MEXC’s claim as the largest single wallet holder

Source: XData from the Etherscsn also shows an increase in BONE inflows to MEXC between August 20 and 24. MEXC received almost 500,000 BONE tokens in over 75 transactions during this period.

Despite having significant holdings, MEXC currently ranks eighth in BONE trading volume among centralized exchanges. However, when considering the 24-hour BONE trading volume, MEXC stands third with $365,561 worth of BONE traded. Biconomy and Huobi exchanges lead the trading volume with $754,477 and $711,362, respectively.

BONE is ranked among the top ten cryptocurrencies in MEXC’s wallets. CoinGecko data reveals that MEXC’s BONE holdings, worth $12,618,521, are nearly three times higher than its Shiba Inu holdings.