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Shiba Inu: Shibarium Transaction Activity Spike Amid Market Growth

Shiba Inu layer 2 blockchain platform Shibarium, has witnessed a notable surge in transaction activity carried out on the platform, with its daily transaction performance reaching a new monthly high.

Shibarium Daily Transactions Skyrocket

The number of transactions on the layer 2 blockchain has skyrocketed since Shibarium was introduced, surpassing multiple noteworthy benchmarks. Recent data from Shibariumscan has revealed an uptick in daily transactions, soaring to about 3 million.

The rise in daily transactions to the coveted 3 million milestone marks the highest the network has seen this month. This comes weeks after the number of daily transactions on the network plummeted to about 1.07 million.

Consequently, the notable rise showcases how quickly Shibarium has spread and gained widespread recognition in the past few weeks. This appears to be a significant development. However, it is still below the highest level it recorded in December. 

Shibarium has seen large increases in network activity before when its daily transactions reached a peak of around 7.5 million. After crossing the 7 million mark, it managed to maintain above this level for a month before dropping by almost 50% in January. 

Data from the Shibarium tracker also shows that the network has reached a major milestone in its overall transactions. According to Shibariumscan, the total number of transactions recorded on the platform since its launch has surpassed 357 million.

It is worth noting that Shibarium’s performance goes beyond the network’s transactions. There have been over 3.27 million blocks processed on the blockchain, suggesting a crucial increase in demand for scalable features.

Furthermore, the overall number of interacting wallet addresses recorded in the network has now crossed 1.35 million. In addition, the network utilization is up by over 51%, indicating an increase in adoption.

Due to this sharp rise in Shibarium network activity, investors’ interest in Shiba Inu is expected to increase. Hence, it buttresses all other projects and crypto assets in the SHIB ecosystem.

Shiba Inu Team To Burn Top Shibarium Tokens 

Lucie, Shiba Inu’s head of marketing, has revealed the team’s plan to burn SHIB and several other top Shibarium tokens. She took to the X platform to share the development with the SHIB community.

Lucie noted that funds made from the sale of the new NFT collection Shiboshis will be used to burn the tokens. These include Shiba Inu (SHIB), Bone ShibaSwap (BONE), LEASH, TREAT, and SHI.

Specifically, any Shiboshis that the holders fail to claim will be sent to Uniswap for sale. Then, the Shiba Inu team will use 10% of the total realized funds from those sales to burn the tokens. 4% of the funds will be set aside to burn BONE, LEASH, TREAT, and SHI, while 6% will be used to burn SHIB.

Shiba Inu

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BONE Coin Surges 11% On Weekly Chart Amid Crypto Turbulence – What’s Next?

In the aftermath of the crypto market sell-off, BONE/USD currently trades at $1.31 in the last 24 hours, with a trading volume of $8.8 billion. This marks an over 11% price increase in the last seven days. If the Bone Shiba swap continues following the current market trends, the coin will soon hike to 20% next week. 

A significant recent event that has piqued the interest of investors and enthusiasts is the relaunch of Shibarium, the decentralized exchange tied to BONEUSD. This relaunch has breathed new life into the BONE ecosystem, contributing to a surge in transaction volumes and a positive trajectory in its price. This development underscores the importance of ecosystem expansion and community engagement in driving cryptocurrency value.

Technical Analysis: Decoding The Trends

In the case of BONEUSD, most technical indicators are bullish on BONEUSD; the 50-day moving average (MA) is pivotal in assessing the mid-term trend. Currently trading above this MA, BONEUSD indicates positive momentum. Notably, the short-term 20-day MA has crossed over the 50-day MA, a potential harbinger of a bullish trend.

BONEUSD chart

The Relative Strength Index (RSI) hovers around 46.63 in the neutral zone, signaling that the market can go either way. RSI values exceeding 70 imply overbought conditions, while those below 30 suggest oversold conditions. The current RSI level indicates a balanced market sentiment. The Moving Average Convergence Divergence (MACD) histogram is in positive territory, hinting at the potential continuation of an upward trajectory. The signal line positioning above the MACD line also bolsters the case for potential price gains.

Drawing insights from technical indicators and recent market performance, BONEUSD is poised in a promising position. The alignment of moving averages points to a possible bullish trend, while the RSI reinforces a balanced sentiment.

The positive MACD histogram amplifies the argument for potential price appreciation. This convergence of indicators underscores the optimistic prospects for BONEUSD. Immediate support for BONEUSD is discernible at $1.13 and $1.070, while resistance levels are present at $2.06 and $1.7640. These markers serve as indispensable guides for traders aiming to optimize their entry and exit points, enhancing their potential gains.

The Ecosystem And Community Factor: Catalysts For Growth

BONEUSD’s recent surge in transaction volumes and the Shibarium relaunch engender confidence in the coin’s momentum. Moreover, the strong involvement of the Shiba Inu community and the increasing trend of meme-inspired tokens like BONE have the potential to breathe new life into its upward momentum. It’s important to consider the impact of community excitement and advancements in the ecosystem, as these factors can significantly shape the path of a cryptocurrency’s progression.

It’s essential to remember the crypto market is notorious for its volatility. Despite favorable indicators and promising developments, external factors can substantially influence prices. As with any investment, conducting thorough research before making any financial commitments is always advisable.

In conclusion, Bone ShibaSwap (BONEUSD) has recently exhibited positive price movements, buoyed by encouraging technical indicators and heightened transaction volumes. While historical performance doesn’t guarantee future results, the prevailing market sentiment and community engagement could contribute to BONEUSD’s continued upswing in the near term.

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Shibarium Launch Proves Positive As Shiba Inu-Based BONE Celebrates New Milestone

Following its temporary shutdown, Shibarium has made a comeback and relaunched. This release of the layer 2 blockchain has pushed the BONE price upwards, recording new milestones for the token. 

Shibarium Relaunch Ignites Bullish Trend For BONE

Bone Shibaswap (BONE) has recorded a massive price increase of about 17% in the last 24 hours after Shibarium made an official relaunch and became open to the public on Thursday, August 24. The number of BONE addresses has also increased to 90,151 while SHIB burn rates are running high.

Currently, the BONE token is valued at $1.40 with a 24-hour trading volume of over $11 million, according to CoinMarketCap. The shift in the price has also proved fortunate for a majority of BONE token holders. 

Reports reveal that 68% of BONE holders are in a very profitable position and are likely to reap massive gains. In contrast, 19% are currently in the red, struggling with some losses. The remaining 13% of BONE holders have found themselves at a point of stability, experiencing no profits or losses. 

BONE holders in profit

Shibarium’s Lead Developer, Shytoshi Kusama had previously described plans of adding new features and tweaks to prevent another suspension. He also stated that the Shiba Inu team plans to integrate a Self-Sovereign Identity (SSI) into Shibarium. 

Additionally, he said that the recently launched layer 2 blockchain has finally achieved a state of stability, ensuring users gain all the benefits of the mainnet including more options for BONE staking. 

“After two days of testing and tweaking parameters to achieve a ‘ready’ state, Shibarium is now enhanced and optimized. Additional validators will go live, giving even more options for you to stake your BONE,” Kusama said.

SHIB Community Embraces Shibarium Relaunch And Modifications

The SHIB army has been anticipating Shibarium’s release after the Ethereum layer 2 solution got off to a rocky start. The Shibarium mainnet halted its operations after its first launch and has been undergoing reconfigurations and testing to bolster its network. 

According to developers, the reason for the network’s suspension was due to the high traffic and overwhelming increase in adoption, with over 10 million new wallets registered on the platform.

However, Kusama had reassured the SHIB community, stating that the mainnet was only going through a few tweaks and would be up and running soon, stronger than it was in its previous release. 

Shiba Inu’s price performance also declined slightly following Shibarium’s temporary shutdown. But the cryptocurrency is on a recovery trend presently and growing to be one of the trendiest meme coins in the crypto space. 

The recent relaunch has pushed active addresses in the Shibarium mainnet to over 50,000 and this figure is expected to continue to rise. Lead developer Kusama has also vowed to increase the layer 2 network’s capacity by 1,500%, improving its safety, decentralization, and solidity. 

Recently, Shiba Inu has been making new strides in the crypto space, expanding into new geographical regions to facilitate better adoption. The meme coin is now available to Brazilian merchants through Binance Pay, a cryptocurrency payment technology supported by the Binance exchange.

BONE price chart from Tradingview.com (Shibarium Shiba Inu)

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Shiba Inu-Based BONE Token Soars By 11%, How High Can It Go?

In a surprising turn of events, the Shiba Inu-based BONE token has emerged as one of the top-performing assets in today’s crypto market. Despite the broader market’s subdued performance, the Bone Shibaswap (BONE) token has registered an 11% surge in the past 24 hours.

Why Is The Shiba Inu-Based BONE Up?

The primary catalyst behind BONE’s commendable price action is a series of positive developments within the Shiba Inu ecosystem. A significant boost came from the recent overhaul of the Shibarium testnet explorer, Puppyscan. Furthermore, the ongoing process of releasing previously stuck BONE tokens to users has also played a pivotal role.

As NewsBTC reported, the Shibarium layer-2 network faced a significant technical glitch with its bridge contract, resulting in roughly $1.7 million worth of Ethereum getting trapped between Ethereum and the layer-2 solution post the Shibarium launch on August 16.

Lucie, a renowned Shiba Inu influencer, recently updated the community about the BONE status on Shibarium. She confirmed that many users have now received their previously stuck BONE tokens, a claim that has been corroborated by several other users.

Another driving factor behind BONE’s rising popularity is the ongoing enhancement and optimization of the Shibarium mainnet in anticipation of its public relaunch. Shytoshi Kusama, on Wednesday, unveiled a slew of new features designed to elevate the user experience on the layer-2 scaling solution. Remarkably, Shibarium is still in private mode and not relaunched for the public yet.

BONE Price Analysis

Since it was announced that the Bone ShibaSwap (BONE) token would become the gas token of the long-awaited scaling solution for Shiba Inu, Shibarium, the price has been in a strong uptrend. This was only dampened by the failed launch of Shibarium. However, yesterday’s news has given new momentum to the BONE token.

BONE has thus completed its retracement to the 61.8% Fibonacci retracement level at $1.10. In the past two days, BONE managed to rise above the 200-day EMA (blue line). Yesterday, both the 50% and 38.2% Fibonacci retracement levels were broken. Especially the latter at $1.3792 is of utmost importance for the further price development.

Shiba Inu BONE price

From February to mid-March this year, the price level served as the most valuable support. Currently, a retest of the 38.2% Fibonacci retracement level at $1.3792. Should the BONE bulls manage to defend this level, the conditions would be in place for another push higher.

Next target would be the 23.6% Fibonacci retracement level at $1.4052 before BONE could complete its correction and target the early August high at $1.8155. To that level would be another 29% upside. A move above the August high would be seen as opening the door for an attack on the all-time high at $2.10, representing a whopping 48% price increase.

After that, BONE would enter the price discovery phase. A target could be the 1,618 Fibonacci extension at $2.25.

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BONE Surges 8.3% As OKX Amasses 1.71 Million BONE Tokens In Single Day

While the crypto market appears to be in decline, Bone Shibaswap (BONE), the Shibaswap ecosystem’s governance token, has been on the rise. As of this writing, the price of Bone Shibaswap has ballooned to an impressive 8.3% in the past 24 hours, according to CoinGecko data.

However, a broader look at BONE’s market performance indicates an underwhelming run in the past month. The meme token has experienced a 16.8% price drop in the last 30 days.

OKX Becomes 13th Biggest BONE Holder

Without a doubt, the price rise of Bone Shibaswap is reflective of recent market activity. On-chain data from Etherscan.io reveals that OKX, a prominent cryptocurrency exchange, has acquired a staggering 1,900,736.16586897 BONE tokens (equivalent to $1,788,547.11 ) in the past 24 hours.

This acquisition, executed via multiple transactions, pushed OKX to 13th place on the list of largest BONE holders. OKX is not the only exchange on this list, as Singapore-based firms Crypto.com and MEXC Global are also members of the exclusive club.

The buying spree kicked off after OKX launched a voting event on Friday, April 21st, inviting users to vote for the meme project they would like to see listed on the exchange. The voting event features five of the most popular meme tokens, including AIDOGE, BONE, BONK, OPTI, and PEPE. 

OKX also declared its intention to list the three tokens with the highest number of votes. The voting event will end at exactly 06:00 am UTC on April 24th, 2023. Results are to be announced on the same day at 10:00 am UTC.

If OKX does list BONE on its exchange, it will be the coin’s biggest exchange listing ever. Of course, as has been exhibited in the past 24 hours, this would have an impact on the value of Bone Shibaswap. Other prominent exchanges to have listed the token include Crypto.com, Gate.io, Bitget, Bing, and BTCEX.

Time To Buy The Dip?

Going by the coin’s movement in the past, BONE surged to new heights when listed by a crypto exchange. However, it is worth noting that these price increases were short-lived, as is often the case in the market these days.

For example, after the cryptocurrency was listed on Crypto.com in early March, it rallied a 14.8% increase in a few days. By the end of March, the token price had plummeted by a disappointing 30.9%.

According to CoinCodex price prediction, the current sentiment for Bone Shibaswap is bearish, with the token expected to lose 6.99% of its current value in five days. Meanwhile, the coin is projected to lose an additional 40% over the next month. That said, this information should not be relied upon as investment advice.

BONE is currently priced at $0.945, with a daily trading volume of $4,888,630.

BONE