A look at SHIB, BONE, and LEASH ahead of Shibarium’s launch 

• Shibarium testnet’s total transactions crossed the 31 million mark. 
• BONE’s price rose by over 4% in the last 24 hours, while SHIB’s value increased marginally. 

As the much-awaited Shiba Inu [SHIB] Shibarium mainnet launch comes closer, its testnet has reached a new milestone in terms of transactions. Additionally, the hype around it helped turn Bone ShibaSwap’s [BONE] price action bullish. 

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

The ecosystem’s third token, Doge Killer [LEASH], chose to follow the same path as its contemporaries as its price rose in the last 24 hours. SHIB also managed to increase its market capitalization as it jumped from the 19th to the 18th spot on the list of top cryptos. 

Shibarium testnet reaches new highs

On 20 July, NOWNodes revealed that it was working on the final stage of Shibarium’s mainnet launch. While the news about Shibarium’s mainnet launch caught fire, Layer 2’s testnet reached a new milestone.

As per Puppyscan, Shibarium’s testnet explorer, the network’s total transactions exceeded 31 million. Additionally, its total wallets exceeded 17 million. At press time, it had an average block time of over eight seconds with a total of over 1.7 million blocks.

However, its daily transaction count registered a decline over the last few weeks.

Source: Puppyscan

Shiba Inu ecosystem tokens are rising

Amidst this, the Shiba Inu ecosystem’s much-hyped token, BONE, reacted positively to the updates. The token gained upward momentum as its price increased by more than 4% in the last 24 hours.

At press time, it was trading at $1.32 with a market capitalization of over $303 million, making it the 104th largest token.

Thanks to the uptick, BONE’s exchange outflow spiked quite a few times, suggesting increased accumulation. Its supply on exchanges declined, while its supply outside of exchanges increased.

It was also interesting to note that BONE managed to maintain its network value over the last few months. As per DeFiLlama, BONE’s TVL has remained relatively constant for the past few weeks. 

Source: Santiment

Like BONE, the Shiba Inu ecosystem’s third token, LEASH, also registered a marginal increase in its value. According to CoinMarketCap, LEASH’s value increased by just over 1% in the last 24 hours.

At the time of writing, it was trading at $448.74 with a market capitalization of over $47 million.

Despite the marginal increase in price, the token’s popularity was on the rise. The total number of LEASH holders increased substantially over the last week.

Additionally, like BONE, LEASH’s supply outside of exchanges increased while its supply on exchanges declined, which looked optimistic for the token. 

Source: Santiment

A closer look at SHIB’s state

Though the Shiba Inu ecosystem’s two tokens gained bullish momentum, the same was not true for SHIB. As per CoinMarketCap, the memecoin’s price only went up by over 0.5% in the last 24 hours.

At the time of writing, it was trading at $0.000007806 with a market capitalization of over $4.6 billion, making it the 18th largest crypto.

However, Shibburn’s data revealed that the memecoin’s burn rate declined by more than 84% in the last 24 hours, which looked negative for the token.

Source: SHIBBURN

Though the price action and burn rate looked discouraging, a few other metrics looked optimistic. For instance, SHIB’s social dominance spiked several times last month, proving its popularity in the crypto space.

Its weighted sentiment has also improved over the last few weeks, suggesting that positive sentiment around the token has dominated the market. 

Source: Santiment

Shiba Inu investors can expect this

Unlike BONE, SHIB investors might have to wait longer to enjoy profits as most of the market indicators continued to support the sellers. For example, SHIB’s Chaikin Money Flow (CMF) moved under the neutral mark.

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The memecoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) also registered slight downticks. This development further increased the chances of a price downtrend in the days to follow.

However, the distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA had reduced, giving hope for a bullish crossover.

Source: TradingView