Shibarium Network Lull – How It Affects The Future Of BONE
09 November 2023 - 3:00PM
NEWSBTC
Shibarium, the highly anticipated layer-2 solution for the SHIB
army, finally became functional on Aug. 28, following a rocky
launch plagued by technical issues that drew scorn from the broader
cryptocurrency community. The launch promised a new era of
efficiency for SHIB holders who had eagerly awaited this solution
for over a year. However, recent data paints a troubling
picture of Shibarium’s current state, with a steep decline in user
engagement and network activity levels reminiscent of its early
days of operation. Data from the Shibarium explorer reveals a
significant drop in user engagement. On Nov. 6, Shibarium recorded
a mere 9,740 transactions, a stark contrast to the network’s peak
on Sept. 11, when daily transactions surged to over 202,000. This
decline raises concerns about the project’s long-term viability and
whether it can deliver on its promises of scalability and
efficiency. Source: ShibariumScan Shib Name Service (SNS) Launch
The decline in new address counts on the chain appears to be
closely tied to the drop in daily transactions. This trend persists
despite the introduction of Shiba Inu’s “Shib Name Service” (SNS)
on Oct. 30. SNS, a decentralized naming service, allows users
to create human-readable addresses for their Shibarium wallets.
While the SNS launch aimed to enhance user experience and
accessibility, it has not been able to reverse the declining user
engagement on the network. BONE market cap currently at $169
million. Chart: TradingView.com Impact On BONE Price Shibarium’s
struggles are not limited to user engagement; they are also
affecting the price of the native token, BONE. As of the latest
data from CoinGecko, the current price of BONE stands at $0.734137,
with a 4.0% increase in the last 24 hours and a 2.5% rise over the
past week. On the token’s spot market, most participants have been
distributing their BONE holdings, which is evident from the
momentum indicators on a 24-hour chart. Selling pressure is
outweighing accumulation, which is concerning for the token’s
future value. BONE 14-day price action. Source: Coingecko
Shibarium’s failure post-launch raise several concerns within the
cryptocurrency community. The project’s inability to maintain the
initial momentum following a challenging launch is a red flag for
investors and enthusiasts. The decline in user engagement, even
after introducing user-friendly features like SNS, suggests that
the core issues surrounding Shibarium’s technical infrastructure
need attention. @ShytoshiKusama has been selling stuff to shibarmy
and amassing their own wallet. More talk than action, since shib
became successful, everything he has done has been a failure
(shiboshis, land, Shibarium and sns) Fuk — Mefam (@0xMefam)
November 1, 2023 Related Reading: Cardano October Whale Frenzy –
What Lies Ahead For November? The dwindling user base has a direct
impact on the value of BONE, with selling pressure dominating the
market. To regain its footing, Shibarium will need to address the
technical issues, improve its user experience, and regain the trust
and enthusiasm of its user base. Shibarium, which held significant
promise as a layer-2 solution for the SHIB community, is currently
facing a critical test of its long-term viability. The decline in
user engagement and its effect on BONE’s price indicate that the
project has some challenges to overcome. Investors and enthusiasts
will be watching closely to see if Shibarium can bounce back and
fulfill its potential. (This site’s content should not be construed
as investment advice. Investing involves risk. When you invest,
your capital is subject to risk). Featured image from
Taokinesis/Pixabay
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