As Shibarium sets new records, here’s what SHIB and BONE are up to

• Shibarium transactions surpassed 1.7 million.
• SHIB and BONE continued a downward trend below RSI.

The Shiba Inu [SHIB] Shibarium has achieved a new milestone in its transaction volume. With this increase in transactions, have SHIB and BONE experienced any changes in their trends? Additionally, what is the current Total Value Locked on the L2 platform?

Read Shiba Inu (SHIB) Price Prediction 2023-24

Shibarium transactions set new record

Shiba Inu’s Layer 2 platform, Shibarium, has recently achieved a significant milestone in its transaction activity. According to data from the Shiba scanner, on 9 September, the platform recorded an impressive 177,000 transactions. This surge in activity stands in contrast to the platform’s previous transaction peak, which hovered around 130,000. As a result of this recent surge, the total number of transactions on the network has now surpassed 1.7 million.

In addition to the transaction milestone, the platform has seen a remarkable increase in user engagement. The number of registered wallets on the platform has exceeded 1 million, showcasing a growing community of users. Furthermore, the total number of blocks created on the platform has crossed the 550,000 mark. 

Shiba Inu’s Shibarium yet to see TVL spike

According to data from DefiLlama, the Total Value Locked (TVL) on Shibarium has not kept pace with the rapid increase in transactions. As of this writing, the TVL has been on a downward trend and is currently hovering around $815 million.

This current trend in TVL suggests that the liquidity on the platform is not increasing at the same rate as transaction volume. Nonetheless, it’s worth noting that TVL’s growth is still remarkable, especially considering the initial challenges faced upon the platform’s launch.

However, it’s important to mention that the two key ecosystem tokens of Shiba Inu, namely SHIB and BONE, have yet to exhibit a similar upward trend during this period.

SHIB and BONE continue a downward trend

Shiba Inu has experienced a recent downtrend over the past few days when observing it on a daily timeframe. As of this writing, the asset’s price declined by almost 2%. This price decrease has also impacted its Relative Strength Index (RSI), which has now dipped below 40.

Source: TradingView

How much are 1,10,100 SHIBs worth today

BONE, the other ecosystem token associated with Shiba Inu, has stayed the same. Its current trading price was around $0.9, reflecting a decline of over 2%.

Additionally, this recent drop in price has caused the Relative Strength Index (RSI) to enter the oversold zone, indicating a potentially oversold condition for the token.

Source: TradingView