SHIB Token Prices Are On The Spot, But BONEs Fly

JAKARTA - The Shiba Inu Community (SHIB) is faced with an interesting situation. On the one hand, their layer-2 blockchain, Shibarium, shows an increase in validator activity marked by the increasing number of blocks. But on the other hand, there is a significant decrease in the number of daily transactions on the network.

Based on AMBCrypto observations on May 26, 2024, the total block in the Shibarium is close to 5 million. According to data from Shibariscan, the number of blocks specifically reaches 4.91 million. The blocks themselves are files used to store transaction data on blockchain.

The increase in the number of blocks indicates a better validator activity in the Shiba Inu network. A block must be validated by the validator before the transaction contained in it can be confirmed. This means that the more blocks are confirmed, the more active the validator who works to secure the network will be.

Even so, the news outlet found a significant decrease in the number of daily transactions in Shibarium. At the time of writing, the number of transactions was recorded at only 7,930. This figure is much lower than the record daily transactions that Shibarium had previously achieved.

While Shibarium's network activity has decreased, the price of Bone ShibaSwap (BONE) has actually increased. BONE, which is the main token of the DEX ShibaSwap platform, has jumped 3.41% in the last 24 hours.

It should be noted that the BONE price increase was not followed by SHIB. The price of SHIB is currently still around USD 0.000024, not experiencing significant movement in the last two days.

In addition to prices, AMBCrypto also observed the impact of the Shibarium on other aspects of the Shiba Inu ecosystem. Based on the evaluation, not many significant changes have occurred. For example, the Network Growth metric has actually decreased.

Network Growth shows the number of new addresses that make transactions on the network for the first time. On May 25, this metric was at 1881. However, the current figure is down to 446. The decline in Network Growth indicates that SHIB adoption has not shown any encouraging developments recently.

Similar data can also be seen in the SHIB circulation metric. According to Santiment, SHIB circulation in the last 24 hours fell to 293.55 billion, whereas previously it had reached its weekly highest point at 3.31 trillion on May 22.

This decrease in circulation indicates that fewer SHIB tokens have been involved in recent transactions. For SHIB prices, this can be a positive development because it means a reduced selling pressure.

Furthermore, AMBCrypto is also observing the Shibarium Total Value Locked (TVL). TVL measures the dollar value of crypto assets locked or stored in blockchain protocols.