BONE holders, eagerly anticipating the launch of Shibarium as a promising Layer 2 (L2) scaling solution by Shiba Inu (SHIB), may be grappling with a pressing question: Should they be concerned about the delay in Shibarium’s release?
As Shiba Inu strives to address criticisms of the usefulness of meme coins, the delayed launch of Shibarium raises uncertainties about its impact on the overall utility and value proposition of the Bone ShibaSwap token.
ShibaSwap Ecosystem: Role of BONE Token and Integration of Shibarium L2
ShibaSwap, a decentralized finance (DeFi) protocol launched in July 2021, offers a range of passive income-generating services such as staking, liquidity pools, and yield farming. The primary goal is to enhance the utility and capabilities of the Shiba Inu ecosystem.
Latest updates on #Shibarium
A spokesperson for the team said that testing is going well, that they are speeding up the release and that, in his opinion (not fact), August could be a good target for release.#SHIBA #crypto #BONE #LINE pic.twitter.com/FJX4ZpK4Fl— SHIB INFORMER (@ShibInformer) May 23, 2023
Within the ShibaSwap ecosystem, the BONE token functions as a governance token, giving BONE holders the ability to propose and vote on protocol changes through the Shiba Inu Doggy DAO. This allows the community to actively participate in shaping the future of ShibaSwap.
In addition, BONE plays an extra crucial role as a gas firing for Shibarium, the upcoming L2 blockchain. Shibarium, which is currently in testing beta, promises to bring enhanced scalability and efficiency to the Shiba Inu ecosystem.
Meanwhile, Shibarium’s L2 scaling solution is likely to be released in July or the third quarter of this year, according to recent statements from the project’s lead developer:
Yesterday, @shibarium_ guessed the mainnet launch would be in august while i’m guessing for Q3 and @Shytoshi Kusama guess july.
The Shiba team is confident about the launch and has multiple teams working on it, including AI integration.
Our estimate is for 2023, and…— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 24, 2023
In particular, BONE’s involvement extends to burning SHIB tokens, a strategic measure aimed at reducing the asset’s circulating supply and potentially increasing its value in the future.
Source: Coingecko
BONE Token’s Volatility in 2023: Rising… Falling
BONE, the utility-powered token, has had a turbulent journey in 2023. It initially climbed to its highest value in over a year in February, but has since fallen significantly.
Consequently, almost all gains made during the initial bullish period in 2023 have been completely reversed. currently, CoinGecko reports that BONE is valued at $0.760704. In the past 24 hours, it has witnessed a modest 0.4% increase, while it has seen a 1.6% decline over the past seven days.
SHIB total market cap drops from the $5 billion level. Chart: TradingView.com
Impact of Shibarium’s delayed launch and prolonged downtrend
The delayed launch of Shibarium, coupled with BONE’s continued downtrend, has had a detrimental effect on investor sentiment. As the price of BONE continued to fall, many investors faced significant losses on their holdings.
According to current dates, the 30-day MVRV ratio remained negative in May, reaching -12.94% at the time of this report. This indicates that most addresses with BONE would lose an average of 12.94%.
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