{"id":559916,"date":"2023-11-09T14:00:59","date_gmt":"2023-11-09T14:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=559916"},"modified":"2023-11-09T11:52:35","modified_gmt":"2023-11-09T11:52:35","slug":"shibarium-network-lull-how-it-affects-the-future-of-bone","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shibarium-network-lull-how-it-affects-the-future-of-bone\/","title":{"rendered":"Shibarium Network Lull – How It Affects The Future Of BONE"},"content":{"rendered":"

Shibarium, the highly anticipated layer-2 solution for the SHIB army, finally became functional on Aug. 28, following a rocky launch plagued by technical issues that drew scorn from the broader cryptocurrency community. The launch promised a new era of efficiency for SHIB holders who had eagerly awaited this solution for over a year.\u00a0<\/span><\/p>\n

However, recent data paints a troubling picture of Shibarium’s current state, with a steep decline in user engagement and network activity levels reminiscent of its early days of operation.<\/span><\/p>\n

Data from the <\/span>Shibarium explorer<\/span><\/a> reveals a significant drop in user engagement. On Nov. 6, Shibarium recorded a mere 9,740 transactions, a stark contrast to the network’s peak on Sept. 11, when daily transactions surged to over 202,000. This decline raises concerns about the project’s long-term viability and whether it can deliver on its promises of scalability and efficiency.<\/span><\/p>\n

\"\"<\/p>\n

Source: ShibariumScan<\/a><\/pre>\n
Shib Name Service (SNS) Launch<\/strong><\/h2>\n
The decline in new address counts on the chain appears to be closely tied to the drop in daily transactions. This trend persists despite the introduction of Shiba Inu’s “Shib Name Service” (SNS) on Oct. 30.\u00a0<\/span><\/p>\n
SNS, a decentralized naming service, allows users to create human-readable addresses for their Shibarium<\/a> wallets. While the SNS launch aimed to enhance user experience and accessibility, it has not been able to reverse the declining user engagement on the network.<\/span><\/p>\n
<\/p>\n
BONE market cap currently at $169 million. Chart: TradingView.com<\/a><\/pre>\n
Impact On BONE Price<\/strong><\/h2>\n
Shibarium’s struggles are not limited to user engagement; they are also affecting the price of the native token, BONE. As of the latest data from <\/span>CoinGecko<\/span><\/a>, the current price of BONE stands at $0.734137, with a 4.0% increase in the last 24 hours and a 2.5% rise over the past week.<\/span><\/p>\n
On the token’s spot market, most participants have been distributing their BONE holdings, which is evident from the momentum indicators on a 24-hour chart. Selling pressure is outweighing accumulation, which is concerning for the token’s future value.<\/span><\/p>\n
\"\"BONE 14-day price action. Source: Coingecko<\/pre>\n
Shibarium’s failure<\/span><\/a> post-launch raise several concerns within the cryptocurrency community. The project’s inability to maintain the initial momentum following a challenging launch is a red flag for investors and enthusiasts. The decline in user engagement, even after introducing user-friendly features like SNS, suggests that the core issues surrounding Shibarium’s technical infrastructure need attention.<\/span><\/p>\n
\n
@ShytoshiKusama<\/a> has been selling stuff to shibarmy and amassing their own wallet.
\nMore talk than action, since shib became successful, everything he has done has been a failure (shiboshis, land, Shibarium and sns) Fuk<\/p>\n
\u2014 Mefam (@0xMefam) November 1, 2023<\/a><\/p><\/blockquote>\n
Related Reading: Cardano October Whale Frenzy \u2013 What Lies Ahead For November?<\/a><\/div>\n
The dwindling user base has a direct impact on the value of BONE, with selling pressure dominating the market. To regain its footing, Shibarium will need to address the technical issues, improve its user experience, and regain the trust and enthusiasm of its user base.<\/span><\/p>\n
Shibarium, which held significant promise as a layer-2 solution for the SHIB community, is currently facing a critical test of its long-term viability. The decline in user engagement and its effect on BONE’s price indicate that the project has some challenges to overcome. Investors and enthusiasts will be watching closely to see if Shibarium can bounce back and fulfill its potential.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from Taokinesis\/Pixabay<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Shibarium, the highly anticipated layer-2 solution for the SHIB army, finally became functional on Aug. 28, following a rocky launch plagued by technical issues that drew scorn from the broader cryptocurrency community. The launch promised a new era of efficiency for SHIB holders who had eagerly awaited this solution for over a year.\u00a0 However, recent data paints a troubling picture of Shibarium’s current state, with a steep decline in user engagement and network activity levels reminiscent of its early days of operation. Data from the Shibarium explorer reveals a significant drop in user engagement. On Nov. 6, Shibarium recorded a mere 9,740 transactions, a stark contrast to the network’s peak on Sept. 11, when daily transactions surged to over 202,000. This decline raises concerns about the project’s long-term viability and whether it can deliver on its promises of scalability and efficiency. Source: ShibariumScan Shib Name Service (SNS) Launch The decline in new address counts on the chain appears to be closely tied to the drop in daily transactions. This trend persists despite the introduction of Shiba Inu’s “Shib Name Service” (SNS) on Oct. 30.\u00a0 SNS, a decentralized naming service, allows users to create human-readable addresses for their Shibarium wallets. While the SNS launch aimed to enhance user experience and accessibility, it has not been able to reverse the declining user engagement on the network. BONE market cap currently at $169 million. Chart: TradingView.com Impact On BONE Price Shibarium’s struggles are not limited to user engagement; they are also affecting the price of the native token, BONE. As of the latest data from CoinGecko, the current price of BONE stands at $0.734137, with a 4.0% increase in the last 24 hours and a 2.5% rise over the past week. On the token’s spot market, most participants have been distributing their BONE holdings, which is evident from the momentum indicators on a 24-hour chart. Selling pressure is outweighing accumulation, which is concerning for the token’s future value. BONE 14-day price action. Source: Coingecko Shibarium’s failure post-launch raise several concerns within the cryptocurrency community. The project’s inability to maintain the initial momentum following a challenging launch is a red flag for investors and enthusiasts. The decline in user engagement, even after introducing user-friendly features like SNS, suggests that the core issues surrounding Shibarium’s technical infrastructure need attention. @ShytoshiKusama has been selling stuff to shibarmy and amassing their own wallet. More talk than action, since shib became successful, everything he has done has been a failure (shiboshis, land, Shibarium and sns) Fuk \u2014 Mefam (@0xMefam) November 1, 2023 Related Reading: Cardano October Whale Frenzy \u2013 What Lies Ahead For November? The dwindling user base has a direct impact on the value of BONE, with selling pressure dominating the market. To regain its footing, Shibarium will need to address the technical issues, improve its user experience, and regain the trust and enthusiasm of its user base. Shibarium, which held significant promise as a layer-2 solution for the SHIB community, is currently facing a critical test of its long-term viability. The decline in user engagement and its effect on BONE’s price indicate that the project has some challenges to overcome. Investors and enthusiasts will be watching closely to see if Shibarium can bounce back and fulfill its potential. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Taokinesis\/Pixabay<\/p>\n","protected":false},"author":557,"featured_media":559935,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86713,1144,8686,83767,4735,87680],"class_list":["post-559916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bone","tag-btcusd","tag-ethusd","tag-meme-coins","tag-price-action","tag-shibarium"],"acf":[],"yoast_head":"\nShibarium Network Lull - How It Affects The Future Of BONE<\/title>\n<meta name=\"description\" content=\"Shibarium, the highly anticipated layer-2 solution for the SHIB army, finally became functional on Aug. 28, following a rocky launch plagued by technical\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/shibarium-network-lull-how-it-affects-the-future-of-bone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shibarium Network Lull - 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Shibarium Network Lull – How It Affects The Future Of BONE","url":"http:\/\/wncen.com\/news\/shibarium-network-lull-how-it-affects-the-future-of-bone\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/shibarium-network-lull-how-it-affects-the-future-of-bone\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/a-53.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/a-53.png?fit=787%2C585"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bone","btcusd","ethusd","meme coins","price action","shibarium"],"dateCreated":"2023-11-09T14:00:59Z","datePublished":"2023-11-09T14:00:59Z","dateModified":"2023-11-09T14:00:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Shibarium Network Lull – How It Affects The Future Of BONE\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/shibarium-network-lull-how-it-affects-the-future-of-bone\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/shibarium-network-lull-how-it-affects-the-future-of-bone\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/a-53.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/a-53.png?fit=787%2C585\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bone\",\"btcusd\",\"ethusd\",\"meme coins\",\"price action\",\"shibarium\"],\"dateCreated\":\"2023-11-09T14:00:59Z\",\"datePublished\":\"2023-11-09T14:00:59Z\",\"dateModified\":\"2023-11-09T14:00:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/a-53.png?fit=787%2C585","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/559916"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=559916"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/559916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/559935"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=559916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=559916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=559916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}