- Shiba Inu has hovered below the $0.00001 support line for five days.
- Gate.io and GroveX are among the latest major platforms to integrate Shibarium.
- Shibarium’s gas fee token, Bone ShibaSwap, is entering a market correction.
Shiba Inu’s public blockchain is making waves in the DeFi space again, as several major cryptocurrency exchanges ramped up their support for Shiba Inu’s Layer-2 scaling solution, Shibarium. In October 2023, the Australian GroveX was the first to announce Shibarium integration.
Besides GroveX, Gate.io is the latest to proceed with Shibarium’s gas fee token Bone ShibaSwap’s (BONE) integration, meaning that cryptocurrency holders will be able to channel the bought $BONE from the Cayman Island-based Gate.io to the Layer-2 chain.
The move opens the doors for the 1.37 million coin holders to explore the decentralized applications (dApps) on Shibarium with the help of the 4th largest centralized exchange.
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MARSWAP decentralized exchange (DEX) leads the way on Shibarium L2 with a 59% dominance and $545,672 in total value locked (TVL), according to DefiLlama on-chain data. As Shibarium’s overall TVL approaches $1 million, most DEXs on the network recorded up to 10% weekly gains.
Gate.io enabled BONE bridging on Shibarium, and the Layer-2’s gas fee token plummeted by 2.9% after an 8.5% weekly rebound rally. According to Bollinger Bands, BONE’s current price range is in a consolidation phase with small chances of a bullish breakout. At the same time, the Chaikin Money Flow (CMF) also slid by a margin, according to blockchain data provided by Santiment.
Shiba Inu’s BONE on Track to $1?
With a target of $1 and above, BONE would have to restore the price range of September 2023, when Shibarium was publicly re-launched. After an initial $1.8M ETH hiccup, Shibarium L2 restarted with smooth performance, evidenced by the 288 million on-chain transactions and a five-second average block production time.
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One SHIB trader shared expectations of an upswing for BONE past the resistance level of $0.698, with a support cluster down to $0.598. To break the trendline, BONE would have to soar past $0.69. At press time, the #271 ranked Bone ShibaSwap (BONE) trades at $0.6515 with 5.6% gains in the last 30 days, according to CoinGecko.
On the Flipside
- Some users reported issues while attempting to bridge the purchased Bone ShibaSwap (BONE) onto Shibarium L2 due to maintenance on the network.
- Shibarium’s on-chain daily transactions have slumped since last week, claiming approximately 2 million per day.
Why This Matters
Gate.io is among the TOP 5 largest centralized crypto platforms, garnering nearly 12 million monthly visitors.
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