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SHIB, BONE, and LEASH have this connection to Shibarium’s transaction hike

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Shiba Inu news

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  • Daily transactions on Shibarium hit the highest numbers since the launch.
  • SHIB, BONE, and LEASH experienced slight price growth. 

The emergence of the Shibarium may have brought Shiba Inu [SHIB] much-needed respite weeks before the official launch. However, the meme community, which anticipated the launch of the Beta version, was left disappointed as all the tokens linked to the ecosystem resisted reacting positively. 


Read Shiba Inu’s [SHIB] Price Prediction 2023-2024


Reaping the fruits of patience

However, the long-awaited layer two (L2) blockchain recorded its highest-ever daily transactions on 28 March. In a tweet shared by LUCIE, a self-acclaimed SHIB loyalist, the rise in activity helped the transaction reach 109,655. All of these took place among 57,781 addresses.

This state of affairs infederr that the SHIB community was not deterred by the underperformance on launch day. Instead, they were committed to sustaining the cost-effectiveness and appealing burn activity of Shibarium.

However, SHIB is not the only token connected to the Shibarium ecosystem. Doge Killer [LEASH], and Bone ShibaSwap [BONE] all gained popularity and grew in relevance in the lead to the L2 ecosystem initiation. So, how did these tokens perform as Shibarium hit the aforementioned crest?

For a start, the SHIB volume increased to 274.82 million on 28 March. However, Santiment’s data showed that the increase had reduced to 194.54 million at the time of writing. 

But the volume acts as a reflection of traders jumping on price rises and transaction movements. So, it seemed that SHIB was a visible partaker in the landmark. It was a similar arrangement with BONE whose volume rose to 7.42 million. But as expected, SHIB had the upper hand.

Shiba Inu volume and BONE volume

Source: Santiment

BONE, LEASH, SHIB, all set on a trembling pedal

For LEASH, which was currently untracked by the on-chain analytic platform, CoinMarketCap showed that it trended in the opposite direction. According to the price tracking platform, the LEASH volume decreased by 4.26% in the last 24 hours. 

The next metric to consider was social volume, which considers the number of search texts relating to an asset. At press time, SHIB rose to 12, while BONE trended tremendously lower.


Realistic or not, here’s BONE’s market cap in SHIB’s terms


But the indication of interest in both tokens was not significant enough to spur a double-digit increase in the price action. At the time of writing, SHIB had gained 3.22% over the last few days. LEASH was up $2.01, while BONE settled for a 2.38% hike.

Shiba Inu social volume and BONE social volume

Source: Santiment

Nevertheless, Shibarium remained on the backfoot in L2 dominance. Although it has the tendency to entice more investors, several similar projects springing up under the Ethereum [ETH] blockchain could be a hindrance.

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Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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