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Shiba Inu recovers but BONE struggles after Shibarium launch episodes

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Shiba Inu recovers but BONE struggles after Shibarium launch episodes

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  • SHIB and BONE suffered a decline after news emerged about Shibarium chain ID.
  • SHIB has, however, recovered while BONE continues to struggle after plans of new Beta redeployment came to light.

After initial worries were voiced regarding the chain, the Shiba Inu Shibarium testnet, also known as the Puppy net, caught up without a hitch. With what appeared to be a clarification, the tokens also looked to be on the road to recovery from the FUD surrounding them.

Read the Shiba Inu (SHIB) Price Prediction 2023-24

The genesis

There was some disagreement in the Shiba Inu community earlier in the week after the debut of the Shibarium. One of the community members noticed that the Layer 2 network (L2) was using the chain ID for an unrelated project. Due to the lack of prompt action, these worries had a detrimental effect on the price movement of SHIB and BONE.

Addressing the Shiba Inu FUD

One of the main Shiba Inu developers addressed the confusion with the chain ID when the worries were raised, and the accompanying Fear, Uncertainty, and Doubt (FUD) set in.

Kaal Dhairya said in a tweet that the chains chosen for the Alpha network rollout were randomly chosen. According to him, the chains were not reviewed before final deployment but were not registered to any projects when they were selected.

He continued by announcing the intended deployment of a new version of the Beta network with a new chain ID.

The state of the Shiba Inu Shibarium and SHIB active address

A scan of the L2 testnet with puppyscan showed that activities had ramped up. With an average block time of 5.0 seconds as of this writing, it had generated over 400,000. Also, it had already performed more than 2,500 transactions and had more than 2,500 wallets registered on the network. 

A rise in Shiba Inu (SHIB) addresses was also visible in the lead-up to the release of Shibarium, as measured by Santiment’s active address statistic.

As of this writing, there were approximately 31,000 active SHIB addresses, which showed that it had maintained its previous level of success.

Shiba Inu (SHIB) active addresses

Source: Santiment

The Shiba Inu (SHIB) and BONE revival?

The daily timeframe chart for 15 March revealed that the FUD surrounding Shiba Inu (SHIB) was clearly visible. SHIB lost 7.45% of its value as of March 15, when the news of the Shibarium chain ID surfaced.

However, it soon recovered the next day and had increased in value by more than 6% as of this writing.

SHIB/USD daily timeframe price move

Source: TradingView

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In contrast, BONE’s price trend has not been as favorable as SHIB’s. It only somewhat recovered once, on 17 March, when it gained 11% and finished the trading day at $1.33.

Except for 17 March, it has been downward since 15 March. As of this writing, it was trading at roughly $1.31, down over 1%.

Shiba Inu BONE/USD

Source: TradingView


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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