Shiba Inu’s Shibarium, a hot topic in the crypto community, has been steadily gaining momentum as developers release new updates. In their latest blog post, the Shiba Inu team delved into the technical intricacies of Shibarium’s layer 2, shedding light on their motivation behind introducing Bone ShibaSwap [BONE] and other innovations. The growing statistics of Shibarium reflect its increasing usage and adoption.
The team’s blog also aimed to simplify the functioning of their ecosystem, emphasizing the protective measures in place for investors. BONE’s deployment included a timelock contract managed by a decentralized multisignature wallet, adding an extra layer of complexity to minting the remaining BONE tokens and transferring ownership of the BONE contract.
As we examine Shibarium’s growth, data from Shibariumscan.io reveals impressive numbers. The layer 2 solution boasts over 1.2 million total wallets and a staggering 2.8 million total transactions. Currently, Shibarium processes more than 675,000 blocks, with an average block time of just 5 seconds, showcasing its efficiency.
However, amidst Shibarium’s success, the Shiba Inu ecosystem encountered challenges. BONE, in particular, experienced a significant setback, with its price plummeting by over 12% in the past week, according to CoinMarketCap. Its current trading price is $0.8038, with a market capitalization exceeding $184 million. This decline led to BONE’s slip in the rankings, falling to the 132nd spot among cryptocurrencies.
The flagship token of the ecosystem, SHIB, faced a similar fate, with its value dropping by over 2% in the last 24 hours alone. SHIB is trading at $0.000007305, boasting a market cap of over $4.3 billion. CryptoQuant’s data raised concerns about SHIB’s high exchange reserve, indicating substantial selling pressure that could further depress its price.
Further evidence of investors offloading SHIB tokens was revealed through Glassnode’s data, as Shiba Inu’s exchange net position change remained in the red, signifying a consistent outflow.
In conclusion, Shibarium’s robust growth is a testament to the Shiba Inu ecosystem’s potential. However, challenges persist for BONE and SHIB, with both tokens experiencing price declines and increased selling pressure. As the Shiba Inu team continues to navigate these hurdles, the crypto community eagerly awaits further developments and updates in this dynamic landscape.
