Blockchain News

SHIB, BONE, and LEASH Have This Connection to Shibarium’s Transaction Hike

The Shibarium’s appearance may have provided Shiba Inu [SHIB] with much-needed relief weeks before the formal debut. However, the meme community, which had anticipated the release of the Beta version, was disappointed because all tokens related to the ecosystem refused to respond positively.

But, on March 28, the long-awaited layer two (L2) blockchain registered its highest-ever daily transaction volume. According to LUCIE, a self-proclaimed SHIB supporter, the increase in activity helped the transaction reach 109,655. All of this occurred at 57,781 different addresses.

This indicates that the SHIB community was not deterred by the underperformance on launch day. Instead, they were dedicated on preserving Shibarium’s cost-effectiveness and enticing burn activity.

SHIB, however, is not the only token associated with the Shibarium ecosystem. Doge Killer [LEASH] and Bone ShibaSwap [BONE] all gained popularity and prominence in the run-up to the launch of the L2 ecosystem. So, how did these tokens do as Shibarium reached the previously indicated crest?

To begin, the SHIB volume jumped to 274.82 million on March 28. But, according to Santiment’s figures, the rise had been decreased to 194.54 million at the time of writing.

Yet, the volume reflects traders’ reactions to price increases and transaction fluctuations. As a result, it appeared that SHIB was a visible participant in the event. A similar arrangement was made with BONE, whose volume increased to 7.42 million. Nonetheless, SHIB had the upper hand, as expected.

CoinMarketCap showed that LEASH, which was currently untracked by the on-chain analytic tool, was trending in the opposite way. The LEASH volume has declined by 4.26% in the last 24 hours, according to the price tracking tool.

The next statistic to analyze was social volume, which takes into account the quantity of search terms associated with an asset. At the time of publication, SHIB had risen to 12, but BONE had fallen precipitously.

Yet, the evidence of interest in both tokens was insufficient to cause a double-digit spike in price movement. SHIB had gained 3.22% in the previous several days as of the time of writing. LEASH gained $2.01, while BONE increased by 2.38%.

However, Shibarium continued to trail in L2 domination. Although it has the potential to attract additional investors, the emergence of multiple comparable initiatives on the Ethereum [ETH] blockchain could be an impediment.


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