A look at BONE as Shiba Inu reveals new details

  • Shibarium’s stats continued to grow, reflecting increased adoption. 
  • BONE and SHIB’s price charts were red, and a few metrics were bearish.

Shiba Inu’s [SHIB] Shibarium continues to remain a topic of discussion as new updates are released by developers. The latest blog highlighted quite a few technicalities related to the layer 2 as the motivation behind releasing Bone ShibaSwap [BONE] and others. Amidst this, Shibarium’s stats continue to grow, reflecting high usage and adoption.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

More insights into Shiba Inu’s BONE

The Shiba Inu team recently posted a blog to simplify the workings of its ecosystem. It mentioned that when the BONE token was deployed, the system around it was built to protect the investors from threats.

It was also protected by adding a timelock contract, which was controlled by a decentralized multisignature wallet.

As per the blog,

“This adds to the complexity of minting the remaining BONE and renouncing the ownership of the BONE contract to another level.”

At the same time Shibarium has continued to grow. As per Shibariumscan.io, the L2’s total wallets exceeded the 1.2 million mark, while its total transactions reached 2.8 million. At press time, Shibarium processed over 675,000 blocks with an average block time of 5 seconds.

Source: Shibariumscan.io

BONE and SHIB continue to suffer

Though Shibarium’s adoption was rising, BONE recently took a hard blow. As per CoinMarketCap, BONE’s price dropped by more than 12% in the last seven days, which was concerning.

At the time of writing, it was trading at $0.8038 with a market capitalization of over $184 million. The recent shed in value caused BONE to slide down the list of the top cryptos, as it was sitting in the 132nd spot.

Source: CoinMarketCap

Not only BONE, but the ecosystem’s flagship token SHIB’s fate was also similar. In fact, in the last 24 hours alone the memecoin’s value dropped by over 2%. At press time, it was trading at $0.000007305 with a market cap of over $4.3 billion.

Realistic or not, here’s SHIB’s market cap in BTC terms  

CryptoQuant’s data pointed out that SHIB’s exchange reserve was increasing. This meant that selling pressure on the token was high, which can further push SHIB’s price down.

The fact that investors were selling SHIB was further proven by Glassnode’s data, as Shiba Inu’s exchange net position change remained red.

Source: Glassnode

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