- Bone ShibaSwap (BONE) joins the TOP 150 by global market cap again.
- Encompassing over 3.15 million transfers, Shibarium L2 remains stable.
- Key on-chain signals remain bearish as $BONE mint nears completion.
Shibarium’s official gas fee & governance token, Bone ShibaSwap (BONE), is going on a roller coaster ride this week, as $BONE inks 8.2% daily. The last 24 hours have been bullish for $BONE after Shibarium developers affirmed the smart contract is nearing completion.
Previously, the Shiba Inu community, popularly known as SHIB Army, voted for $BONE to be stopped minting. This way, Shibarium’s gas fee token is capped at a max supply of 250,000,000, maintaining the altcoin’s scarcity. This has prompted the decentralized crypto exchange NoahSwap to list $BONE, while major crypto platforms are likely waiting for the smart contract renunciation to finalize.
BONE Rises as TimeLock Nears Expiration
Following the news of smart contract renunciation progress, the $BONE shot up by 8.3% to trade above the fundamental support line of $0.80. Interestingly, $BONE had been rejected nine times at this price range this month but now trades at $0.851009, surpassing the margin without much trouble.
However, community members noticed that the daily transactions on Shiba Inu’s blockchain are rapidly dropping. For instance, the current daily transfer count is 16.61K, a far cry from the monthly high of 202,000 daily transactions on Shibarium L2.
BONE grows along with the development of Shibarium – the nearly expiring TimeLock on the multi-sig decentralized wallet controlling the smart contract is likely to boost adoption opportunities for the alternative cryptocurrency.
On the Flipside
- The decreased trading volume on Shibarium also affects Shiba Inu (SHIB) burns.
- Shibburn tracker reports a monthly low of 16M $SHIB set ablaze in the last 24 hours.
- Shiba Inu’s overall trading volume also plummeted, currently at $64,391,544.
Why This Matters
Shibarium, the Layer-2 scaling solution for Shiba Inu (SHIB), has opened doors to building applications in a self-sufficient environment.
Read DailyCoin’s top crypto news:
BitBoy Put Behind Bars on Partner Assault Charge
Dogecoin Displays Bullish Fractal on Key Support Retest
Source link: https://dailycoin.com/shibarium-bone-taps-key-support-despite-low-trading-volume/
