- Shibarium L2’s period of calm comes to a close with rising transaction activity.
- Shiba Inu’s BONE whips up 13% gains in two weeks and enters a bullish divergence.
- New dApps make it to Shibarium’s spotlight amid a 5% hike in Total Value Locked.
Shiba Inu’s (SHIB) Shibarium L2 has seen a rapid uptake in transaction activity since last weekend. The blockchain explorer ShibariumScan.io reported a hefty increase from the monthly lows of 5.15K on May 24, 2024, to 7.93K the next day, on May 25, 2024.
Where Did the Activity Upswing Come From?
Despite being nowhere near all-time heights, the trading uptick is evident in the cumulative transaction volume, which topped 416 million on Saturday due to several new tokens launching on Shibarium. The positive trend carries on to today, as Shibarium’s on-chain liquidity soared to $2.25 million.
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The 5% upswing in total value locked (TVL) comes amid most of the top decentralized exchanges on Shibarium recording double-digit gains. According to DefiLlama, Shibex is leading the pack with a 23% 7-day TVL hike, while ChewySwap comes second with 16.5% growth in the same time frame.
While this is still a drop in the ocean compared to Shibarium’s all-time peak, the newly-founded interest comes amid a healthy upswing in Bone ShibaSwap’s (BONE) price. However, the slightly negative Chaikin Money Flow (CMF) index at -0.02, despite overall buying orders outweighing the 24-hour sales by $200K on Spot markets, according to CoinPaprika.
Can Shiba Inu’s BONE Restore $1 Peg?
The official Shibarium L2 gas fee token BONE positively reacted due to a 24-hour double-up in accumulated BONE fees, picking up 8.5% gains over the past 7 days. This has marked the end of a downtrend for BONE’s price against Ether (ETH), as depicted below in the chart by crypto analyst Digarch.
In crypto, a bullish divergence occurs when the BONE price falls to a new low while the oscillator fails to reach the bottom line. In other words, it showcases the technical potential to catch up with the difference. Currently, according to CoinGecko, BONE trades at $0.6476.
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Whilst Shiba Inu’s BONE has been unable to reclaim the $1 price milestone since March 18, 2024, the Shibarium L2 gas fee token’s price movement highly depends on the upcoming projects on Shibarium, as all on-chain activities require Bone ShibaSwap.
On the Flipside
- Bone ShibaSwap (BONE) is yet to face a major resistance hurdle at $0.669, where 88.63M BONE is held between 10.52K crypto addresses, according to stats from IntoTheBlock.
- Shibarium’s gas fee token is not yet available on several major crypto exchanges despite continuous requests by the SHIB Army, which even started a petition to list BONE on Binance.
Why This Matters
Lower market-cap altcoins gain substantial utility if it’s used in the crypto community’s activities. In this case, Bone ShibaSwap (BONE) is the gas fee & governance token of a Layer-2 chain.
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