Shibarium’s BONE Taps Key Support Despite Low Trading Volume

$BONE breaks through the key support barrier successfully in the 10th attempt this month.

by . Fact checked by: Ciaran Lawler, Editor: Stefan Trapp
Published:
Shiba Inu to the rescue with a couple of gold BONES floating around him, in a icy land.
Created by Kornelija Poderskytė from DailyCoin
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  • Bone ShibaSwap (BONE) joins the TOP 150 by global market cap again.
  • Encompassing over 3.15 million transfers, Shibarium L2 remains stable.
  • Key on-chain signals remain bearish as $BONE mint nears completion.

Shibarium’s official gas fee & governance token, Bone ShibaSwap (BONE), is going on a roller coaster ride this week, as $BONE inks 8.2% daily. The last 24 hours have been bullish for $BONE after Shibarium developers affirmed the smart contract is nearing completion.

Previously, the Shiba Inu community, popularly known as SHIB Army, voted for $BONE to be stopped minting. This way, Shibarium’s gas fee token is capped at a max supply of 250,000,000, maintaining the altcoin’s scarcity. This has prompted the decentralized crypto exchange NoahSwap to list $BONE, while major crypto platforms are likely waiting for the smart contract renunciation to finalize.

BONE Rises as TimeLock Nears Expiration

Following the news of smart contract renunciation progress, the $BONE shot up by 8.3% to trade above the fundamental support line of $0.80. Interestingly, $BONE had been rejected nine times at this price range this month but now trades at $0.851009, surpassing the margin without much trouble.

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However, community members noticed that the daily transactions on Shiba Inu’s blockchain are rapidly dropping. For instance, the current daily transfer count is 16.61K, a far cry from the monthly high of 202,000 daily transactions on Shibarium L2.

BONE grows along with the development of Shibarium – the nearly expiring TimeLock on the multi-sig decentralized wallet controlling the smart contract is likely to boost adoption opportunities for the alternative cryptocurrency.

On the Flipside

  • The decreased trading volume on Shibarium also affects Shiba Inu (SHIB) burns.
  • Shibburn tracker reports a monthly low of 16M $SHIB set ablaze in the last 24 hours.
  • Shiba Inu’s overall trading volume also plummeted, currently at $64,391,544.

Why This Matters

Shibarium, the Layer-2 scaling solution for Shiba Inu (SHIB), has opened doors to building applications in a self-sufficient environment.

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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.

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Tadas Klimasevskis
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.