Altcoin

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

Published

2 years ago

on

  • 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.

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.

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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