The post Shibarium Network Lull – How It Affects The Future Of BONE appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ November 9, 2023 11:22 pm