Shibarium’s BONE Retests Key Level as Testnet Hits 10M Transfers

Shibarium Beta nears 10 million transactions, painting a vivid picture of the Layer-2 capabilities.

Shiba Inu looking at BONES in beam of light.
Created by Kornelija Poderskytė from DailyCoin
  • Puppynet scores two milestones prior to Shibarium’s mainnet launch.
  • Gas token Bone ShibaSwap’s (BONE) on-chain signals turn bearish.
  • SHIB and BONE to retest key support lines as consolidation closes.

Shiba Inu’s Layer-2 solution Shibarium is currently in the testing phase, which aims to evaluate the current mechanics of the ecosystem before the mainnet launch. Currently, there have been over nine million transactions on the month-old network. 

While these transactions have been performed with test tokens only, it’s important to note that the average block time for ‘Puppynet’ transactions currently is at 7.2 seconds, promising quicker transaction speed than the ERC-20 token on Ethereum’s (ETH) network.

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The testnet uses $tBONE, a test version of Bone ShibaSwap (BONE), to conduct these transactions on the Layer-2 blockchain. While BONE is the official gas fee token for Shibarium, the utility of $BONE will kick in once the mainnet goes live.

Calm Before the BONE Storm?

As Unification xFund developers continue the complex and demanding work on Shibarium’s mainnet, BONE is going through phased consolidation in the daily charts. The token lost two consecutive long-term support lines on May 1st and May 9th, 2023.

At press time, the #190 ranked altcoin BONE trades at $0.765559, according to CoinGecko. With a 0.7% daily downturn, the monthly perspective looks way worse for $BONE, with a 22.3% drop in the last 30 days. However, this price range has grasped Ethereum whales‘ attention, which is also evident in the on-chain signals.

According to the blockchain analytics firm IntoTheBlock, three on-chain signals are entirely bearish. Net network growth, holders making a profit, and large transactions dropped significantly, while concentration is the only neutral signal, indicating sustainable accumulation of significant holder positions.

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Nevertheless, BONE scored triple-digit gains since last year. Indeed, the ongoing Shibarium hype gave $BONE publicity and resulted in several major crypto exchanges listing Shiba Inu’s alternative tokens, including heavyweights like Huobi and Crypto.com. On the other hand, $xFUND, the native token of Shibarium developers Unification, also fetched 633.7% gains since last year.

On the Flipside

  • Only 16% of current Shiba Inu (SHIB) holders profit from this market price.
  • In contrast, 39% of Shibarium’s Bone ShibaSwap (BONE) holders are making a profit.

Why It Matters

Shiba Inu is building a self-sufficient blockchain, significantly increasing the memetoken’s utility.

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Author
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.