Why is Shiba Inu Crashing? BONE and SHIB in a Danger Zone?

By CryptoTicker September 07, 2023 In Cryptocurrencies, Shiba Inu

Despite the much-anticipated launch of Shibarium, Shiba Inu and BONE’s market performance is dwindling, raising concerns of a potential dump if the trend persists. As these tokens face declining prices, it becomes imperative to dissect the situation. Let’s see why is Shiba Inu crashing and lay out the potential reasons.

Shibarium News: What Happened to Shibarium?

Shiba Inu’s layer-2 solution, Shibarium, recently became operational after encountering technical setbacks during its initial rollout. On Aug. 28, Shiba Inu’s primary developer, Shytoshi Kusama, confirmed that the Shibarium mainnet was up and running efficiently. This announcement was warmly received by the community.

Kusama added that bridge withdrawals had resumed. For tokens like SHIB, LEASH, and wrapped ether (wETH), the expected withdrawal duration ranges from 45 minutes to three hours. However, Bone ShibaSwap (BONE) might take up to a week.

Is Shibarium doing Good?

The Shibarium ecosystem is showing impressive growth. Notably, the number of wallets on Shibarium has exceeded a million distinct addresses. Data from the Shibarium blockchain explorer indicates that the layer-2 network now hosts 1,010,243 wallets. Additionally, the platform has processed over 450,000 blocks, encompassing 949,204 distinct transactions.

Despite earlier challenges post its mid-August launch, the network’s performance has been commendable. By Aug. 19, one of the Shibarium developers, Kaal Dhairya, addressed concerns and alluded to a roadmap for scaling.

Shibarium marked its comeback on Aug. 28, with Kusama affirming its effective operation. Since its relaunch, daily transaction counts have been consistently increasing, with nearly 99,000 trades recorded in the last 24 hours.

Why is Shiba Inu Crashing? BONE Following its Path…

Even with Shibarium’s significant achievement of reaching one million wallets, SHIB and BONE tokens haven’t mirrored this success. Both experienced a price decline in the broader cryptocurrency market landscape.

Specifically, Shiba Inu’s price fell by 1.56% in the last day, trading at $0.0000077. The meme coin’s market capitalization is currently hovering around $4.55 billion, though its 24-hour trading volume saw a boost, reaching $89 million.

BONE, on the other hand, faced a 2.7% dip and is presently valued at $0.99. It’s crucial to highlight that BONE functions as the governance token for ShibaSwap and serves as the fuel for Shibarium. The token’s market capitalization is approximately $240 million, with its 24-hour trading volume being $7 million.

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