BONE’s reaction to Shiba Inu’s latest update is intriguing
- Shibarium Block Explorer was down due to massive traffic.
- BONE was up by 11%, and metrics were bullish.
After its launch on 16 August, Shiba Inu’s [SHIB] Shibarium witnessed a massive surge in transactions. Because of this, developers had to deal with scalability issues to support the traffic. Recently, the layer-2 again went live on the mainnet.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
Soon after the relaunch, Shibarium gained much traction, which was evident from its latest statistics. However, SHIB was still reluctant to move its price up, but Bone Shiba Swap [BONE] registered double-digit gains.
The FUD around Shibarium
There have been multiple rumors on social media related to Shiba Inu’s Shibarium. Most of the misconceptions were about Shibarium being down. In reality, it’s the Shibarium block explorer that went down, not the network itself.
This is because Shibarium uses an open-source version of Blockscout and doesn’t use massive servers for it.
I want to make sure people understand that if https://t.co/K6OGCE01iv is down just the block explorer is down not the network, this is because we use an opensource version of Blockscout and don’t use big servers for it and they are working on getting hosted version up soon.…
— Kaal (@kaaldhairya) August 24, 2023
At press time, the network had an average block time of five seconds, with total transactions crossing 109k. The network’s wallet addresses also crossed the 47k mark, which was promising.
Shiba Inu’s BONE is in the spotlight
The episode of the explorer going live helped the network’s social performance. This was evident from LunarCrush’s data, which revealed that Shiba Inu’s social mentions shot up by more than 140% in the last 24 hours.
BONE, which has much utility in Shibarium, also reaped the benefits. According to CoinMarketCap, BONE’s price surged by over 11% in the last 24 hours. At the time of writing, it was trading at $1.39 with a market capitalization of $318 million.
The good news was that the rally was supported by an uptick in its trading volume. Positive sentiment around the token also went up during that period, reflecting investors’ confidence. Moreover, the rally might have continued as buying pressure on BONE was high.
BONE’s supply on exchanges dropped sharply, while its supply outside of exchanges increased at the time of writing, proving the fact that it was under buying pressure.
How much are 1,10,100 BONEs worth today?
Shiba Inu ecosystem’s token BONE’s MACD displayed the possibility of a bullish crossover, which can help maintain the uptrend. However, a few of the market indicators turned bearish.
Notably, the Relative Strength Index (RSI) took a sideways path. Moreover, BONE’s Chaikin Money Flow (CMF) remained under the neutral mark of zero, which was a development in the sellers’ favor.