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Shiba Inu Ecosystem Blooms: BONE Jumps 44% With $3 Target In Sight

Bone ShibaSwap (BONE), a token within the Shiba Inu ecosystem, has showcased remarkable resilience amidst a predominantly bearish market. Despite the downward trend, BONE has emerged as a top performer, catching the attention of community analyst SHIB Knight, who predicts further gains and a potential price target of $3.

SHIB Knight, a respected analyst within the Shiba Inu community, has been closely monitoring BONE’s performance and recently shared an update on the token’s outlook. Despite a previous failed breakout attempt, SHIB Knight remains optimistic, highlighting a chart that suggests BONE is now better positioned for an anticipated bullish breakout.

At the time of writing, BONE has experienced an impressive surge, with its price skyrocketing from a low of $0.87 to a high of $1.09. This surge represents a significant 44% gain in the monthly timeframe, accompanied by a substantial 60% increase in trading volume compared to the previous day.

A Relative Strength Index (RSI) of 65 indicates that the Shiba Inu BONE Token is in a bullish trend and is seeing increased trading volumes after a spectacular 30-day rally. BONE is currently trading at $0.84.

While BONE’s current price hovers around $1.09, SHIB Knight has set a target price of $3, anticipating a potential 150% rally for the token. It is worth noting that the memecoin is currently down almost 98% from its all-time high in 2021, which implies ample room for growth.

The limited exposure of BONE among major centralized crypto trading platforms may have contributed to its slower price gains compared to the ecosystem’s leading token, SHIB. Currently, BONE is listed on platforms such as OKX and Gate.io, while notable exchanges like Binance, Coinbase, KuCoin, and Bybit have yet to support its trading.

To address this limitation, leaders of the Shiba Inu community have rallied their members to campaign for BONE’s listing on Binance, one of the largest crypto exchanges. They firmly believe that inclusion on such a prominent platform would provide the necessary catalyst for explosive price rallies, potentially propelling BONE to unprecedented levels.

As demand for the Shiba Inu BONE Token rises and community members work strategically to achieve its listing and increase its market visibility, this positive momentum has raised investor intrigue about the token’s ability to cross the $3 threshold before the end of March.

Despite the inherent risks, the recent price surge of BONE and the optimistic outlook from SHIB Knight have generated excitement within the Shiba Inu community. Traders and enthusiasts will be closely monitoring BONE’s performance in the coming days, eagerly awaiting signs of a breakout and the potential for significant gains.

Featured image from Tara Winstead/Pexels, chart from TradingView

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Shiba Inu BONE Token Garners Over 20,000 Picks On Binance Futures NEXT Program

In a unique display of community support and unity, one of Shiba Inu’s native tokens, Bone ShibaSwap (BONE) has risen to the top five in Binance’s Future NEXT program, aiming to secure the number one spot for a potential token listing. 

SHIB Community Rally Over 20,000 BONE Picks

The Shiba Inu community has been demonstrating an amazing amount of support for its burgeoning ecosystem, rallying around the BONE token to help propel its position to the top spot in Binance’s Future NEXT program. 

Initially at the 14th position on Binance’s new program, BONE made an exponential leap, swiftly climbing more than 10 ranks within 24 hours to secure third position in Binance’s Future NEXT token listing challenge.

With its popularity skyrocketing from a modest 2,657 picks to over 23,810 picks, BONE has become a major competitor for Delysium (AGI) and Baby Doge Coin (BABYDOGE), which, at the time of writing, holds the first and second position respectively. 

This substantial climb in ranks underscores the Shiba Inu community’s strong support and dedication towards its ecosystem and native tokens. Moreover, it highlights the considerable interest and demand for the popular BONE token to be featured on Binance’s Future platform. 

Championing BONE’s ambitious journey to claim the number one spot, Shiba Inu’s marketing influencer, Lucie has urged community members to keep up their unwavering support for BONE. She has motivated members to vote for the token to become the top choice for Binance’s Future NEXT listing. 

As highlighted by Binance, the voting process entails a $1 fee per vote, enabling individuals to acquire as many votes as they desire. In this context, the financial commitment of the Shiba Inu community is also underscored, with a substantial contribution exceeding $20,800. This amount reflects the number of picks made towards elevating BONE to its current third position.  

Next Step For Potential BONE Listing

As BONE continues its ambitious climb to the topmost position on Binance’s Futures NEXT listing, it’s important to mention that attaining the number one position does not guarantee an immediate listing.

The cryptocurrency will have to undergo the necessary review and screening processes by Binance before being considered for the official listing. 

Binance has revealed intentions to carry out a proper listing process, evaluating all contenders including Delysium and Baby Doge Coin.

Despite this, SHIB remains a leading candidate for the listing process, demonstrating greater potential to accumulate more picks as community members continue to show their support. 

Featured image from Pixabay, chart from TradingView

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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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Timeline For All Shiba Inu Projects Revealed As SHIB Price Readies To Soar

Shiba Inu marketing lead Lucie has given an insight into the timeline for the upcoming developments of the project, sending the SHIB army into a tizzy. Speaking via X (formerly Twitter), Lucie provided a glimpse into the roadmap after a meeting with the project’s lead, Shytoshi Kusama.

Lucie stated, “After meeting with Shytoshi Kusama, I can’t reveal much, but I can say one thing: The goal is to have everything finished by the end of this year. The whole vision should be completed by 2024/2025. It’s not a promise, but that’s the goal.”

This ambitious timeline suggests a rapid pace of development for the Shiba Inu ecosystem. The marketing lead emphasized the potential impact of these developments on the Shibarium, BONE, and the SHIB token itself, particularly highlighting the role of decentralized applications (dApps) and strategic partnerships.

“With every dapp usage on Shibarium and many significant partnerships in the works, it should have an amazing impact on Shibarium, BONE, while also contributing to burning SHIB,” she said.

Lucie further elaborated on the significance of the DAO, stating, “The Dao will showcase the real power of LEASH and Shiboshis.” Furthermore, the Shiba Inu team appears to be gearing up for another step forward with the SHIB Metaverse, with Lucie teasing, “As for the Shib the Metaverse… well, we will see. One world, one financial state. All hail to the real holders!”

Shiba Inu Price On The Verge Of A Breakout?

The SHIB cryptocurrency is currently exhibiting signs of consolidation within a descending channel pattern, hinting at a potential breakout in the near term. As of the latest data, SHIB trades at $0.00000904 against the US dollar on the Coinbase exchange, with a modest 1.8% decrease in the last 24-hours.

Technical analysis of the SHIB/USD pair in the 4-hour indicates that the price is oscillating within a descending channel, which is typically considered a bearish pattern but can lead to a bullish breakout if the price breaches the upper boundary. The price has touched the larger trend line support derived from the weekly chart, suggesting a strong historical support level.

Shiba Inu price

The Exponential Moving Averages (EMAs) on the 4-hour chart provide key levels to watch. The 200-EMA ($0.00000938), 20-EMA, 50-EMA, and 100-EMA are layered above the current price, with the 200-EMA acting as the most important resistance.

Volume is quite low, which does not highlight significant buying or selling pressure at the moment. The Relative Strength Index (RSI) is hovering around the 49.69 mark, which is just below the neutral 50 level, indicating an equilibrium between buyers and sellers. A move above 50 in the RSI could signal increasing buying momentum, which might assist in a bullish breakout from the channel.

Fibonacci retracement levels from the recent swing high to low show that the 0.236 level at $0.00000878 has been acting as the most crucial support recently, while the 0.382 level at $0.00001050 and the 0.5 level at $0.00001188 are potential upside resistance levels that come into focus when SHIB breaks out of the descending channel.

For SHIB to confirm a bullish breakout, it needs to consistently close above the upper boundary of the descending channel and the 200-EMA. A decisive 4-hour candlestick close above these levels could encourage further buying, potentially leading to a test of the 0.382 Fibonacci level. Moreover, it’s crucial for bulls to maintain the price above the larger trend line support to avoid a bearish turnover that could see SHIB revisiting lower support levels.

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Shiba Inu Burn Rate Soars By 5,000%, Here’s Why

The Shiba Inu burn initiative begins the week with a positive sentiment as the project has witnessed a significant increase in its token burn rate over the last 24 hours.

Shiba Inu Burn Rate Sees Notable Uptick

On Monday, December 25, over a 5,000% increase in the last 24 hours has been observed in the Shiba Inu burn rate. According to data from Shibburn – the platform that tracks SHIB token burns, the burn rate recorded a substantial 5,043% increase.

The tracker reveals that over 53.13 million SHIB tokens have been burn over the past 24 hours. The surge in burn rate was due to two substantial transactions that consisted of over 20,000,000 SHIB each.

Data from Shibburn shows that the address 0x6081258689a75d2…887239fe80 sent a total of 20,000,000 Shiba Inu tokens to the SHIB burn wallet. Meanwhile, the second transaction which was carried out by the same address saw about 25,000,000 SHIB sent to the burn wallet.

The Shiba Inu burn rate has been witnessing significant surges over the past few days. The rise in burn rate appears to have generated a wave of speculative excitement throughout the cryptocurrency market.

Despite the increase in burn rate, the Shiba Inu price is currently experiencing a bearish price action. The token is currently down by 1% in the last 24 hours, according to CoinMarketCap.

The recent rise in burn rate coincides with a massive whale transaction reported by on-chain tracker Whale Alert. The on-chain tracker revealed that the transaction saw a whopping 4.25 trillion SHIB being transferred to an unknown wallet.

Whale Alert reported that the wallet address identified as 0x3ce6bed2…87d896c59f sent the aforementioned SHIB to the unknown wallet address 0x9c570088…a22fd8b51b. Another aspect to identify is the low gas fee used to initiate this huge transaction, which was less than $3.

The Project’s Team Made Another Massive Burn

On Friday, December 22, a report revealed that the Shiba Inu team burned a massive 8.47 billion SHIB. Currently, the total number of SHIBs burned by the team has reached a whopping 33.8 billion SHIBs.

It is worth noting that the team had previously burned another 8 billion SHIB hours before on the same day.

Earlier that day, the team sent approximately 8,533,564,693 SHIB valued at $90,285 as of that time, to a dead wallet. The total number of SHIB tokens burned by the team that day was approximately 17 billion.

The most recent burn marks the fourth time this month alone that the crew has carried out a burn this size. The overall supply of SHIB is beginning to feel the weight of these systematic burns. 

This has also been confirmed by Lucie, the marketing head and part of the project’s team, on X (formerly Twitter). The most recent burn was shared by Lucie in her post, highlighting that it was the fourth instance of the procedure. 

Shiba Inu is currently trading at $0.000010, with its trading volume also declining by over 30% to approximately $184.65 million. Meanwhile, its market cap is also down by 1% to $6 billion as of the time of writing.

Shiba Inu

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Shiba Inu News: Shibarium Hits Another Major Milestone

Shibarium, the Ethereum-based layer 2 blockchain solution from the Shiba Inu team, has achieved yet another major milestone, showcasing growing strength within the platform.

Shiba Inu Shibarium’s Latest Important Milestone

The Shiba Inu layer 2 platform has recently crossed a significant milestone in terms of total transactions processed as total transactions have increased dramatically over the past few weeks.

According to Shibariumscan – the network tracker, Shibarium has crossed over 90 million transactions performed in the platform since its introduction. Data from the network tracker shows that the number is currently sitting at approximately 90,677,816 as of the time of writing.

It is noteworthy that since December 2, the Shiba Inu blockchain has continuously maintained a whopping average of 7.5 million daily transactions. Currently, the total number of daily transactions revealed by the network’s tracker is totaled at 7.84 million transactions.

The network’s activity appears to be growing significantly, reaching major milestones over the past few weeks. Earlier this month, the total number of transactions in Shibarium was sitting at 66 million, indicating over 35% increase since this month.

Data from Shibariumscan also revealed an uptick in the network’s total blocks and wallet addresses. Shibarium’s total number of blocks is approximately 2,077,814, while the total number of wallet addresses is 1,305,042.

This kind of surge in transactions means that millions of BONE tokens were spent on transaction fees. As a result of this, it prepares the stage for the much-anticipated Shiba Inu token burn.

However, despite the recent surge in transactions, the Shiba Inu burn rate is still down in the past 24 hours. According to Shibburn, the SHIB token burn rate is down by 91% over the past 24 hours.

It is worth noting that Shiba Inu recently saw its highest burn rate ever since the initiative was introduced. Last week, the project saw an astounding 7,686,774% increase in burn rate, destroying about 8.35 billion SHIB tokens.

Shibarium Migrates To Sepolia Network

Last week, Shiba Inu announced that Shibarium will be adopting the Sepolia network. The team pointed out that Shibarium Puppynet will be moved from the Goerli Network to the Sepolia Network.

The goal of this adjustment is to be in line with more effective and scalable infrastructures, according to the team. Additionally, the transition will pave the way for more advanced solutions.

Furthermore, the move is not merely a transition, but an upgrade that will enable a more efficient and user-friendly environment. This is because of the growing demands of the blockchain community, particularly in fields such as NFTs and DeFi.

Sepolia provides a testing environment that is more stable and controlled, precisely replicating the Ethereum mainnet’s features and functionalities. Due to this, developers are guaranteed access to a dependable and consistent platform for testing their dApps and smart contracts. The team asserted that this strategic shift will become live on December 15, 2023.

Shiba Inu

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Shiba Inu News: Shibarium Hits Another Major Milestone

Shibarium, the Ethereum-based layer 2 blockchain solution from the Shiba Inu team, has achieved yet another major milestone, showcasing growing strength within the platform.

Shiba Inu Shibarium’s Latest Important Milestone

The Shiba Inu layer 2 platform has recently crossed a significant milestone in terms of total transactions processed as total transactions have increased dramatically over the past few weeks.

According to Shibariumscan – the network tracker, Shibarium has crossed over 90 million transactions performed in the platform since its introduction. Data from the network tracker shows that the number is currently sitting at approximately 90,677,816 as of the time of writing.

It is noteworthy that since December 2, the Shiba Inu blockchain has continuously maintained a whopping average of 7.5 million daily transactions. Currently, the total number of daily transactions revealed by the network’s tracker is totaled at 7.84 million transactions.

The network’s activity appears to be growing significantly, reaching major milestones over the past few weeks. Earlier this month, the total number of transactions in Shibarium was sitting at 66 million, indicating over 35% increase since this month.

Data from Shibariumscan also revealed an uptick in the network’s total blocks and wallet addresses. Shibarium’s total number of blocks is approximately 2,077,814, while the total number of wallet addresses is 1,305,042.

This kind of surge in transactions means that millions of BONE tokens were spent on transaction fees. As a result of this, it prepares the stage for the much-anticipated Shiba Inu token burn.

However, despite the recent surge in transactions, the Shiba Inu burn rate is still down in the past 24 hours. According to Shibburn, the SHIB token burn rate is down by 91% over the past 24 hours.

It is worth noting that Shiba Inu recently saw its highest burn rate ever since the initiative was introduced. Last week, the project saw an astounding 7,686,774% increase in burn rate, destroying about 8.35 billion SHIB tokens.

Shibarium Migrates To Sepolia Network

Last week, Shiba Inu announced that Shibarium will be adopting the Sepolia network. The team pointed out that Shibarium Puppynet will be moved from the Goerli Network to the Sepolia Network.

The goal of this adjustment is to be in line with more effective and scalable infrastructures, according to the team. Additionally, the transition will pave the way for more advanced solutions.

Furthermore, the move is not merely a transition, but an upgrade that will enable a more efficient and user-friendly environment. This is because of the growing demands of the blockchain community, particularly in fields such as NFTs and DeFi.

Sepolia provides a testing environment that is more stable and controlled, precisely replicating the Ethereum mainnet’s features and functionalities. Due to this, developers are guaranteed access to a dependable and consistent platform for testing their dApps and smart contracts. The team asserted that this strategic shift will become live on December 15, 2023.

Shiba Inu

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Shiba Inu News: Shibarium Hits Another Major Milestone

Shibarium, the Ethereum-based layer 2 blockchain solution from the Shiba Inu team, has achieved yet another major milestone, showcasing growing strength within the platform.

Shiba Inu Shibarium’s Latest Important Milestone

The Shiba Inu layer 2 platform has recently crossed a significant milestone in terms of total transactions processed as total transactions have increased dramatically over the past few weeks.

According to Shibariumscan – the network tracker, Shibarium has crossed over 90 million transactions performed in the platform since its introduction. Data from the network tracker shows that the number is currently sitting at approximately 90,677,816 as of the time of writing.

It is noteworthy that since December 2, the Shiba Inu blockchain has continuously maintained a whopping average of 7.5 million daily transactions. Currently, the total number of daily transactions revealed by the network’s tracker is totaled at 7.84 million transactions.

The network’s activity appears to be growing significantly, reaching major milestones over the past few weeks. Earlier this month, the total number of transactions in Shibarium was sitting at 66 million, indicating over 35% increase since this month.

Data from Shibariumscan also revealed an uptick in the network’s total blocks and wallet addresses. Shibarium’s total number of blocks is approximately 2,077,814, while the total number of wallet addresses is 1,305,042.

This kind of surge in transactions means that millions of BONE tokens were spent on transaction fees. As a result of this, it prepares the stage for the much-anticipated Shiba Inu token burn.

However, despite the recent surge in transactions, the Shiba Inu burn rate is still down in the past 24 hours. According to Shibburn, the SHIB token burn rate is down by 91% over the past 24 hours.

It is worth noting that Shiba Inu recently saw its highest burn rate ever since the initiative was introduced. Last week, the project saw an astounding 7,686,774% increase in burn rate, destroying about 8.35 billion SHIB tokens.

Shibarium Migrates To Sepolia Network

Last week, Shiba Inu announced that Shibarium will be adopting the Sepolia network. The team pointed out that Shibarium Puppynet will be moved from the Goerli Network to the Sepolia Network.

The goal of this adjustment is to be in line with more effective and scalable infrastructures, according to the team. Additionally, the transition will pave the way for more advanced solutions.

Furthermore, the move is not merely a transition, but an upgrade that will enable a more efficient and user-friendly environment. This is because of the growing demands of the blockchain community, particularly in fields such as NFTs and DeFi.

Sepolia provides a testing environment that is more stable and controlled, precisely replicating the Ethereum mainnet’s features and functionalities. Due to this, developers are guaranteed access to a dependable and consistent platform for testing their dApps and smart contracts. The team asserted that this strategic shift will become live on December 15, 2023.

Shiba Inu

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Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, What This Means

Shibarium’s burning mechanism has been in the limelight of late, especially with the recent record of over 8 billion Shiba Inu tokens burnt in a single day. This burning mechanism seems to have undergone an update, which could further enhance its performance. 

Shibarium Undergoes Swift Hard Fork

A screenshot containing a discord message from DaVinci (a member of the Shiba Inu development team) surfaced online recently. In the message, DaVinci mentioned that Shibarium would undergo a hard fork at Block 1962000. That suggests that the upgrade already took place as there are already over 2 million blocks on the layer-2 network at the time of writing.

SHIB burn

Meanwhile, the main purpose of this hard fork is to enhance the network’s burning mechanism. This will enable support for multiple burn tokens, with BONE and SHIB (the governance tokens of Shibarium) being the main focus. DaVinci also mentioned to node providers that a Genesis update would be required since it was a hard fork. 

Further Clarification On What The Hard Fork Entails For Shiba Inu

Shibarium had earlier provided clarification of what this new era of the network entails. A blog post published on the Shibarium site mentioned that Shibarium’s burning mechanism will initially be manually managed as part of this upgrade. This is to ensure alignment with the network’s health and sustainability. In this phase, the burn process will be managed by the official deployer.

Once that is done, Shibarium will apparently transition to an automated system starting in January. As part of this transition, Shibarium is expected to witness further upgrades in a bid to “enhance efficiency and reliability.” According to the network, the automated burn process “will operate based on predefined rules,” although it didn’t provide further details on this. 

Node provider NOWNodes noted in a blog post that this upgrade will also facilitate mass adoption for Shibarium. That could explain why there is a need to enhance the burning mechanism as part of the upgrade. Considering that there is a correlation between the transaction volume and token burns, Shibarium needs to be well prepared to handle the number of tokens that need to be burnt following a potential increase in transaction count. 

The layer-2 network is currently flying high as the total transaction count on it continues to skyrocket. According to data from the Shibarium Explorer, the total transactions on the network stand at over 58 million at the time of writing. Shibarium has surpassed the milestones of 5 million, 10 million, 20 million, and 35 million mark in just about a week. 

Shiba Inu price chart from Tradingview.com

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Shibarium Network Lull – How It Affects The Future Of BONE

Shibarium, the highly anticipated layer-2 solution for the SHIB army, finally became functional on Aug. 28, following a rocky launch plagued by technical issues that drew scorn from the broader cryptocurrency community. The launch promised a new era of efficiency for SHIB holders who had eagerly awaited this solution for over a year. 

However, recent data paints a troubling picture of Shibarium’s current state, with a steep decline in user engagement and network activity levels reminiscent of its early days of operation.

Data from the Shibarium explorer reveals a significant drop in user engagement. On Nov. 6, Shibarium recorded a mere 9,740 transactions, a stark contrast to the network’s peak on Sept. 11, when daily transactions surged to over 202,000. This decline raises concerns about the project’s long-term viability and whether it can deliver on its promises of scalability and efficiency.

Shib Name Service (SNS) Launch

The decline in new address counts on the chain appears to be closely tied to the drop in daily transactions. This trend persists despite the introduction of Shiba Inu’s “Shib Name Service” (SNS) on Oct. 30. 

SNS, a decentralized naming service, allows users to create human-readable addresses for their Shibarium wallets. While the SNS launch aimed to enhance user experience and accessibility, it has not been able to reverse the declining user engagement on the network.

Impact On BONE Price

Shibarium’s struggles are not limited to user engagement; they are also affecting the price of the native token, BONE. As of the latest data from CoinGecko, the current price of BONE stands at $0.734137, with a 4.0% increase in the last 24 hours and a 2.5% rise over the past week.

On the token’s spot market, most participants have been distributing their BONE holdings, which is evident from the momentum indicators on a 24-hour chart. Selling pressure is outweighing accumulation, which is concerning for the token’s future value.

Shibarium’s failure post-launch raise several concerns within the cryptocurrency community. The project’s inability to maintain the initial momentum following a challenging launch is a red flag for investors and enthusiasts. The decline in user engagement, even after introducing user-friendly features like SNS, suggests that the core issues surrounding Shibarium’s technical infrastructure need attention.

The dwindling user base has a direct impact on the value of BONE, with selling pressure dominating the market. To regain its footing, Shibarium will need to address the technical issues, improve its user experience, and regain the trust and enthusiasm of its user base.

Shibarium, which held significant promise as a layer-2 solution for the SHIB community, is currently facing a critical test of its long-term viability. The decline in user engagement and its effect on BONE’s price indicate that the project has some challenges to overcome. Investors and enthusiasts will be watching closely to see if Shibarium can bounce back and fulfill its potential.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Taokinesis/Pixabay

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Shiba Inu-Based BONE Eyes $1 As This On-Chain Metric Explodes

BONE, a token based on the Shiba Inu ecosystem, has had quite a dull month in terms of bullish price movement. However, the Shiba Inu ecosystem is currently experiencing an increase in on-chain transactions, and BONE hasn’t been left out. 

Some SHIB whales have increased their holdings in anticipation of a new milestone for Shibarium. At the same time, BONE also had an increase in large transactions, and this key on-chain metric suggests the token could be ready for a major price appreciation.

BONE Large Transaction Volume Increases

The daily large transaction volume for BONE, ShibaSwap’s governance token, has exploded in the past week. According to recent data from IntoTheBlock’s metric of large transactions, each valued at $100,000 or more, spiked from no activity at the end of October to more than 5.17 million BONE tokens over the weekend. This type of large transaction activity can either mean that big money is flowing into or leaving an asset. But more often than not, the former is the case.

At the same time, BONE’s biggest whales have been loading up their bags. On-chain data shows whale wallets (more than 1% of the total supply) now hold 44.03%, up from 43.41% reported last month. Investors’ wallets holding between 0.1% and 1% of the circulating supply also went up, now holding 16.85%. Inflows into these two sets of addresses increased by +295% in a 7-day timeframe, indicating interest from whales.

Shiba Inu BONE

Bearish Sentiment Reversal? Road to $1?

With the large transaction increase, it’s clear BONE is gaining major traction and interest from whales. But some on-chain and BONE’s price points to a double-edged sword. Despite the inflow into large wallets and increase in large transactions, broader on-chain signals point to bearish sentiment from retail traders. 

This is particularly evident as interest from small investors has dropped in the past month. At the time of writing, BONE is trading at $0.71 and is down by 64% from its yearly high of $2.20 in February.

Shiba Inu BONE price chart from Tradingview.com

On the other hand, BONE has spiked by 3.6% in the past three hours after recently bouncing off major support at $0.69. A continued surge in on-chain transactions among bulls and whale investors could push the crypto back up to $1.

BONE is used as gas fees on the Shibarium layer-2 blockchain, which has had a steady increase in cumulative gas usage since its launch. Shibarium is now approaching the four million total transactions milestone, which could also push BONE towards $1.

Shibarium gas growth

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Shiba Inu Price Stabilizes As Marketing Lead Teases Upcoming ‘Journey’

Amidst waves of volatility in the crypto market, the Shiba Inu price seems to be stabilizing. Meanwhile, Lucie, the marketing manager of Shiba Inu, provided important insights into the upcoming developments when she revealed the roadmap for the anticipated “journey”.

The Upcoming “Shibarium Journey”

In her most recent tweet, Lucie expressed the magnitude of the upcoming Shibarium journey. She stated, “Embarking on the Shibarium journey is a big task that demands a lot of time and commitment. Our goal is to create outstanding decentralized applications (dApps) that people will love and use.”

Elaborating on the roadmap, Lucie delved into the multifaceted strategy Shiba Inu plans to deploy. She highlighted the significant plans in store for the development of the project’s tokens, SHIB, BONE, and LEASH. Lucie underscored the goal to ensure that these tokens are “not only valuable but also have a strong utility within our ecosystem.” Such enhancements are hoped to draw in more users and investors, thereby amplifying benefits for the Shiba community.

On the topic of decentralized applications, Lucie emphasized their focus on creating “exceptional dApps that will revolutionize the decentralized world.” According to her, the forthcoming dApps will be fashioned to be user-centric, innovative, and meet the demands of the community.

Lucie also touched upon the virtual realms the team is concentrating on: the Shiboshi NFTs and the SHIB Metaverse. She believes these virtual environments will “serve as vibrant hubs for our community to connect, interact, and explore.” By shaping immersive and captivating online spaces, Lucie anticipates fostering a profound sense of community.

Lucie wrapped up her tweet affirming the commitment to Shibarium’s growth as an L2 solution, stating, “Our steadfast commitment to building Shibarium as a successful L2 solution remains unshakable.”

She championed the collaborative and innovative ethos that forms the foundation for the tokens and the burgeoning Shibarium ecosystem, saying:

This journey, marked by collaboration, innovation, and dedication, is the bedrock of our tokens’ triumph and the thriving Shibarium ecosystem. Together, we’re shaping the future of decentralized applications, one innovative step at a time. #ShibariumJourney

However, not all members of the SHIB community are on board with the project’s current trajectory. A notable tweet from @a_king_li read: “@ShytoshiKusama: L2 has been released for two months now, and there are no major projects, no good ecosystem or trustworthy swap. As a responsible official, should we release some official cooperative ecosystems or swap, so that funds can come in with peace of mind.”

The concerns primarily arise from the absence of any major dApp on Shibarium, as touched on by Lucie. Notable projects like ShibaSwap and the Metaverse are yet to be operational on Shibarium. Furthermore, there’s a noted decline in Shibarium’s user and transaction statistics. After an initial hype with over 200,000 transactions daily post-launch, recent numbers hover above a mere 10,000 transactions per day.

Shibarium daily transactions

Shiba Inu Price Stabilizes

The stagnation in Shibarium’s development may be a contributing factor to the dissatisfaction of some community members, as well as SHIB’s recent price action. As detailed in our last in-depth analysis, the SHIB price currently treads on decisive technical grounds, influenced by two significant chart patterns.

On the 1-week chart, SHIB showcases a promising quadruple bottom formation, indicating a potential bullish surge of up to 250% if realized. Contrarily, a descending triangle pattern, which has evolved over 60 weeks, suggests a bearish downturn. This is highlighted as SHIB’s price, currently at $0.00000682, has dropped below the descending triangle’s crucial neckline of $0.00000715.

For now, SHIB has stabilized and recovered slightly, having already fallen to $0.00000671 yesterday. Hope also comes from previous instances, such as the dip in June followed by a 59% rally, suggesting the potential for swift recoveries.

However, for this to happen, SHIB needs to record a weekly close above the $0.00000715 this week or next week. This might cement the bullish quadruple bottom trajectory. In case the scenario does not play out, SHIB could fall again towards the yearly low at $0.000006.

Shiba Inu price

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Shiba Inu-Based BONE Gearing Up For Massive Rally, Here’s Why

The Shiba Inu ecosystem has witnessed a recent surge in BONE Shibaswap investors, as witnessed a recent surge in BONE Shibaswap investors, as some of Shiba Inu’s biggest whales are loading up their bags. According to data from IntoTheBlock, whales of BONE tokens have boosted their holdings in the past month to increase their concentration of the ecosystem to over 43%. 

Whale Wallets Loading Up On BONE In Anticipation Of A Rally

BONE (Shibaswap) is one of the most important tokens in the Shiba Inu ecosystem and has done well since the launch of Shibarium, as the token went on a bullish trend to reach $1.70 in August. Since then, things have cooled down in the Shiba Inu ecosystem, and the token has lost most of this gain.

At the time of writing, BONE is trading at $0.7813, has a market cap of $195 million, and a max supply of 230,003,023 BONE tokens. 

On-chain data from intelligence company IntoTheBlock has shown that most of this market cap is concentrated between 12 whale addresses with 108.53 million tokens. However, these whale wallets have been steadily accumulating BONE over the past month.

Shiba Inu BONE 1

The total net flow between addresses holding at least 0.1% of the total market cap has increased by +272.92% in a 7-day timeframe. A similar metric following the movement of BONE tokens has shown that the concentration of these tokens in whale addresses (wallets holding more than 1% of the total supply) has increased by +19.74% in the past 30 days. 

On the other hand, concentration in investor addresses (wallets holding between 0.1% and 1% of the total supply) has reduced by 1.37% in the past 30 days.

Shiba Inu BONE 2

Recent Price Action Shows Bullish Momentum Might Be Building

BONE is currently trending downward after having a bullish run since Shibarium’s introduction. Data has also shown only 34% of holders are making money at the current price. However, the increase in large wallet holdings of BONE coupled with a 33.48% increase in the past 24-hour trading volume is a bullish reversal signal, as it can increase buying pressure from retail investors. 

Price action reveals BONE is currently at a major support zone of $0.76. A reaction to the support by bulls might see a rally back up. On the other hand, a break below the support might suggest a further fall in the price of the token.

This comes after Shiba Inu’s lead developer recently renounced the BONE smart contract. Renouncing the contract means developers no longer have control of the token, making it fully decentralized. 

Shiba Inu BONE price chart from Tradingview.com

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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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Shiba Inu Price Shows Resilience As Shibarium Reboots: SHIB Price Targets

Shibarium, Shiba Inu’s layer-2 network, is still waiting for a reboot. At the time of going to press, Shibarium was still not producing any blocks, as Shibariumscan.io’s block explorer shows. As a reminder, Shiba Inu’s highly anticipated layer-2 went offline minutes after its official launch on Wednesday.

In the wake of the unexpectedly high traffic that temporarily took the Shibarium network offline, the Shiba Inu team is diligently working on a solution to restore normalcy, the devs assured today. With many investors keeping a close eye on developments, there is one notable promise from the team – they emphasize that users’ funds are safe. When Shibarium went offline, $1.7 million was stuck in the ETH Bridge.

Shibarium, which is a fork of the renowned Polygon network, saw an unprecedented number of “compute units” of traffic shortly after its launch. This influx resulted in, as Shiba Inu developer Kaal Dhairya put it, “thousands upon thousands of contract creation and normal transactions IN A BLOCK.” As a result, the Shibarium network activated its failsafe mode and ceased operations to ensure the safety of assets within the blockchain.

In an update today, SHIB developer Kaal Dhairya wrote in a blog post: “Shibarium received millions of ‘compute units’ of traffic in a matter of moments. At that point, Shibarium’s amazing system went into failsafe mode and paused to make sure the funds were safe…. And they are.”

The transparency of the Shiba Inu team continues to be evident as they not only recognize the current challenges, but actively seek expert assistance to address them. But the scaling issues seem to be bigger than expected, as the network is approaching a 48-hour downtime (with short interruptions).

Shibarium is still offline

When Shiabrium will be back online is still unclear, Dhairya announced: “Tomorrow I will send another update to inform our army of the status of Shibarium Scaling!”

Shiba Inu (SHIB) Shows Resilience

The Shiba Inu price briefly fell back to $0.00000727 yesterday amid the market-wide crash, posting a 20% drop. However, SHIB managed to defend a new higher low (albeit just barely) – a bullish sign.

In addition, SHIB bulls have succeeded in ushering in a recovery. At the time of writing, SHIB was trading at $0.00000838, currently trading just above the 23.6% Fibonacci retracement level at $0.00000833. A daily close above this price level would be a bullish exclamation point. This would open the possibility of a move up to the 200-day EMA at $0.00000935, which was lost on Wednesday as a result of the Shibarium stall.

A quick bounce of the 200-day EMA would be a strong sign. As then, the area between the 38.2% Fibonacci retracement level at $0.00000979 and the psychologically important $0.00001 level would come into focus. This area could be highly contested.

However, if a breakout succeeds, the next targets are $0.00001096 (50% Fibonacci), $0.00001213 (61.8% Fibonacci) and $0.00001381 (78.6% Fibonacci) before the yearly high at $0.00001593 becomes the final hurdle for a bullish breakout of SHIB.

Shiba Inu price

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PEPE Coin Could Take The Spotlight After Shibarium Debut – Here’s Why

PEPE, the amphibian-themed token that kickstarted the meme coin season in April this year, remains a subject of both fascination and volatility within the cryptocurrency landscape. Its journey, marked by highs and lows, offers insights into the evolving dynamics of this speculative market.

In a surprising turn of events, the meme coin arena witnessed a significant exchange of millions of SHIB and BONE tokens for PEPE, shortly after the successful launch of Shibarium’s mainnet. 

A notable whale, identified by Lookonchain as per a PEPE price analysis data cited in a new analysis shifted its holdings from SHIB and sister-token BoneShibaSwap to PEPE, raising eyebrows in the crypto community. 

The whale’s move, which included a substantial deposit of 143 billion SHIB into Binance, hints at a potential strategy shift and a “buy the rumor, sell the news” approach that seems to favor PEPE at the expense of SHIB.

However, PEPE’s recent price performance has been on a rollercoaster ride. The current price of $0.00000110, as reported by CoinGecko, reflects an 8% slump in the last 24 hours and a 12% decline over the past seven days.

This stark fluctuation highlights the inherent volatility of meme coins, where sudden shifts in sentiment can lead to rapid price movements.

PEPE Social Volume, Holder Numbers Paint A Complex Picture

The report’s analysis reveals an intricate pattern in PEPE’s social volume over the past month. The coin’s popularity has swung back and forth, indicating days of heightened interest juxtaposed with relative indifference. 

However, in the face of this up-and-down pattern, a notable trend emerged – the rise in the number of PEPE holders.

Currently, the coin boasts a total of 137,000 holders, underscoring a dedicated community that remains engaged despite the market’s unpredictable nature.

The Quest For New Meme Coins On DEXes

In the wake of PEPE’s price correction, traders have turned their attention to emerging meme coins on Decentralized Exchanges.

The allure of new low market cap cryptocurrencies lies in their potential for exponential gains before even making their way to Centralized Exchanges.

These gains are often followed by retracements, as shorting opportunities become available post-listing.

A stand-out example post-PEPE’s correction is HarryPotterObamaSonic10Inu (BITCOIN), a meme coin that has secured a consistent spot among the top 10 trending cryptocurrencies on DEXTools.

Its journey underscores the dynamic nature of meme coin investments, as traders seek the next opportunity to ride the wave of speculative enthusiasm.

In the world of meme coins, PEPE’s story mirrors the wider crypto market’s blend of excitement, uncertainty, and the continuous pursuit of the next big opportunity.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Benzinga

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Shiba Inu (SHIB) Dips By 7% Following Shibarium Launch

Shibarium, an Ethereum layer 2 solution, can be termed one of the most-hyped crypto projects of 2023, expected to introduce a higher network speed and lower transaction costs to the Shiba Inu ecosystem.

After months of beta testing, Shiba Inu developers finally announced on August 16 that the Shibariun mainnet is now live. However, contrary to popular predictions, SHIB, Shiba Inu’s most prominent token, appears to have taken a nosedive upon this development. 

SHIB Maintains Bearish Form As Shibarium’s Ethereum Bridge Develops Fault

So far, Shibarium’s launch has yielded a negative effect on SHIB, with the token losing 6.86% of its value in the last 24 hours based on data from CoinMarketCap. Prior to SHIB’s dip today, the token had shown an overall negative performance this week, falling from $0.00001059 on Monday to $0.000009527 on Wednesday. 

Related Reading: Shiba Inu Keeps Energy Alive, Snags 26% Gain – Here’s The Inside Scoop

For now, SHIB’s loss post-Shibarium launch can be attributed to a technical issue with the much-anticipated project. According to a post by Whalechart on X, more than $1.7 million worth of ETH is presently stuck in the Shibarium bridge. This development has caused much panic among investors. 

In addition, it seems these assets may be unretrievable following a message being circulated on social media that appears to be from Shiba Inu developer Shytoshi Kusama.

Meanwhile, it is worth stating SHIB is not the only Shiba Inu token under significant selling pressure, with the BONE and LEASH also declining by 15.48% and 22.59%, respectively, over the last day.

Could Shibarium Be A Set Back To The Shiba Inu Ecosystem? 

Shibarium was designed to enable the various projects of the Shiba Inu ecosystem, such as the Shib Metaverse, Shibaswap DEX, and the Shiboshi NFT Project, to operate at an increased speed while offering users lesser transaction costs.

Furthermore, all Shibarium transactions are to lead to SHIB burn, thus serving as a deflationary mechanism of the token. Due to these proposed features of the Shibarium project, it was widely expected that the layer 2 solution could bring about a higher adoption of SHIB and other Shiba Inu native tokens which in turn could boost market prices. 

There were many positive signs backing this prediction, with the SHIB token notching significant gains upon any news on the progress of Shibarium in the last few months. 

Related Reading: More Selling? Bankrupt Voyager Sends Millions In SHIB And ETH To Coinbase

In fact, Shibarium launched on Wednesday with 21 million wallets created, demonstrating a high level of user interest. However, the recent issue with the Ethereum bridge provides much concern for Shiba Inu investors on if the Shibarium project can live up to its potential.

Nevertheless, it may still be considered too early to call the project a failure, especially as there is no official statement from the Shiba Inu team addressing this challenge.  

At the time of writing, SHIB is trading at $0.000009295, with a 0.37% gain in the last hour. Meanwhile, the token’s daily trading volume is down by 0.42%, sitting at $431.32 million.

Shiba Inu