- Shibarium gas fee token $BONE flopped by 40% in the last 30 days.
- The L2 counts 82,000 transfers a day and over 1.11M crypto wallets.
- Shibarium’s total value locked (TVL) has plunged below $1 million.
Shiba Inu’s Layer-2 solution, Shibarium, continues counting up new achievements, but this doesn’t reflect on the related cryptocurrency prices. As reported yesterday by popular influencer SHIB Kind, over 25 million Bone ShibaSwap tokens (BONE) are now staked on the L2 mainnet through 12 validators.
Shibarium’s block height has reached over half a million blocks, while the previously stabilized average block production time maintains a healthy average of five seconds. BONE, the official gas fee and governance token for Shibarium, has been staked via 12 validators on-chain, totaling its staking vault to a whopping 25 million BONE.
SHIB, BONE Fall Victim to the Ruthless Bears
While the technical indications prove that the initial Shibarium’s high traffic influx issues have been solved, SHIB and BONE have been among the hardest hit in the ongoing bear market, which is very hostile towards altcoins.
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Firstly, Shiba Inu’s price correlation with Bitcoin (BTC) might have contributed to the plunge – the leading digital asset dipped by 5.5% in the last seven days, while the smaller-cap SHIB plummeted by 6.9%. The 0.93 price correlation between $SHIB and $BTC might have been a turning point, but that’s only half the story.
BONE has seen an eye-watering 40% deficit in the last 30 days, as Shibarium counts the third week since its public relaunch. This has dug BONE back below $1 support for the first time since early July 2023.
At press time, BONE trades at $0.988558, according to CoinGecko. Sliding further by another 3%, BONE is yet to deliver any bullish on-chain signals. According to the blockchain analytics tool IntoTheBlock, the live on-chain signals remain bearish in large transactions and holders making a profit at the current price. However, net network growth and whale concentration remain neutral.
On the Flipside
- Despite the growing staking vault, Shibarium’s total value locked (TVL) has significantly dropped since last week, with most dexes facing double-digit deficits.
- Shibarium L2 mainnet’s TVL plunged from $1.44M recorded a week since relaunch to just $847,474 today, according to blockchain analytics tool DefiLlama.
Why This Matters
Shibarium is a unique blockchain, the first memecurrency-based chain with a Layer-2 scaling solution.
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