- Shiba Inu reaches a new all-time high in total wallet count.
- Shibarium L2 mainnet is slated for launch on August 15th.
- Bone ShibaSwap enters the TOP 100 by global market cap.
The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a tremendous spike in total registered wallets in the past two weeks. The live blockchain data on Etherscan shows continuous growth since August 1st as the crypto community prepares for the Shibarium L2 mainnet launch.
This has pushed Shiba Inu back to the 15th position by market capitalization and sent $SHIB back above the $0.00001 support line for the first time since May 2nd, 2023. However, Shiba Inu’s seven-day high at $0.00001023 was short-lived, as the canine coin couldn’t hold the key support, likely because of the oversold condition on centralized exchanges.
A Hidden Gem in Shiba Inu’s Ecosystem
Currently, the gas fee token for Shibarium resides in a comfortable #98 position by global market cap, as $BONE finally broke through the crucial resistance levels of $1.50, which was rejected thrice in July. At press time, Bone ShibaSwap (BONE) trades at $1.66, according to CoinGecko.
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The mixed on-chain signals for $BONE indicate that the token accumulation has slowed, as large transactions have dropped by 4.5%. While the same on-chain signal points to a 6.5% decrease for $SHIB, $BONE’s technical setup highlights several bullish indicators. Firstly, a whopping 85% of $BONE holders are making a profit at this price, while Shiba Inu’s profitable holder count just reached 25%. On top of that, the concentration of large holder positions is 53% and 77%, respectively. This pinpoints that Ethereum whales have more influence on SHIB than they do on $BONE.
Both tokens are growing amid Shibarium L2 anticipation. SHIB Token’s lead dev Shytoshi Kusama revealed that Shibarium aims to onboard a billion people, even though $BONE is capped at a max supply of 250,000,000, according to CoinGecko.
On the Flipside
- Despite $BONE entering the TOP 100 by global market capitalization and showing stronger bullish on-chain signs than the main token, $SHIB, it’s worth noting that $BONE is not yet listed by any major crypto exchange, except for the struggling Huobi and Crypto.com.
Why This Matters
Shiba Inu’s growing ecosystem provides unprecedented infrastructure for a memecoin.
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