SHIB and BONE Bounce Back as Shibarium Enters Crucial Phase

Crunch moment for Shibarium caps thrilling recovery options for SHIB and BONE.

Shiba inu laying on top of the world.
Created by Gabor Kovacs from DailyCoin
  • Shibarium surpasses 4.25M transactions despite decelerated transactions.
  • SHIB & BONE are booting up for a rebound rally amid price trend reversal.
  • SHIB holders expect a make-it-or-break-it moment for Shibarium L2.

Shiba Inu (SHIB) holders are rejoicing over the Shiba Inu Ecosystem’s bounce back. Following a month-long trading in a descending parallel channel for Shibarium’s gas fee token BONE, the coin embarked on a 4.10% daily rebound rally to kick off from the $0.59 yearly bottom.

Meanwhile, SHIB embarked on a 3.78% run in the last 24 hours to trade above the confluent resistance at $0.000008 for a week, as SHIB continues to search for a strong foundation to erase a zero in its market value.

Trading in phased consolidation for the past week, SHIB reached a weekly high of $0.00000851 on Saturday but later faced a hefty rebuttal. At press time, Shiba Inu is changing hands at $0.00000822, according to CoinGecko.

Watershed Moment for Shibarium?

Shiba Inu’s self-sufficient Layer-2 blockchain Shibarium has already seen over 4.25 million transactions since the grandiose launch in August. Still, the building hype around the Layer-2 faded after several months of plummeting daily transactions.

The issue of stagnating trading activity on Shiba Inu’s Layer-2 was pinpointed by several SHIB Army members, mostly after Shibburn reported a dramatic plunge in daily burning procedures. Notably, the diminishing daily transaction volume could be attributed to sluggish builder activity on the network.

Despite that, Shibarium L2 recently witnessed a major spike in daily transactions, doubling up on November 21, 2023, to reach nearly 35,000 transactions per day. While developer activity surged for the first time in several months, the uptrend lasted two days before returning to the usual 15,000 transactions per day count.

On the Flipside

  • While Shibarium’s daily transactions have stagnated, the Layer-2’s total value locked (TVL) has whipped up a 2.96% profit in the last 24 hours.
  • With nine out of 12 top dApps on Shibarium L2 profitable over the last seven days, MARSWAP leads the way, dominating 52% of total value locked (TVL).

Why This Matters

Layer-2 scaling solutions offer various scaling options for cryptocurrencies, thus providing tangible utility and increasing retail crypto adoption.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.