- SHIB continued the bull and bear theme with a decline of less than 1%.
- Shibarium saw a drop in key metrics.
Even when the crypto market was experiencing a surge, Shiba Inus [SHIB] the performance did not show the same level of excitement. Similarly, the associated ecosystem token, Bone ShibaSwap [BONE]showed slower movements.
Despite expectations that the launch of Shibarium These tokens would give a boost, their current status begs the question: what has been the state of the L2 network since its introduction?
Shiba Inu is barely hanging on
SHIB’s daily price development from October 19 to the time of writing showed a slight increase of approximately 27%. However, compared to other meme coins such as Dogecoin [DOGE]which posted a more substantial gain of over 40%, SHIB’s performance seemed mediocre.
Further chart analysis showed that the highest gain in months was around 7% on November 11. Unfortunately, this positive momentum was short-lived as declines occurred in the following days.
At the time of writing, SHIB was trading with a slight decline of less than 1%, after gaining over 1% in the previous trading session. This recurring pattern suggested a consistent theme in SHIB’s price movement.
Source: TradingView
Despite these periodic declines, SHIB has managed to maintain its position above the neutral line on the Relative Strength Index (RSI). The placement of the RSI line indicated that SHIB has been on a bullish trend despite the general price fluctuations.
Bone ShibaSwap shows opposing trends in the market
An investigation of Bone ShibaSwap’s performance showed a remarkably unimpressive price development. The token did not respond to the positive market trend of recent weeks.
However, closer examination revealed a marginal increase of over 1% in the past three days.
At the time of this analysis, the price was trading around $0.6, reflecting a slight increase of around 1.4%.
Source: TradingView
Despite these recent upward moves, the token encountered resistance from its short-term moving average (yellow line), which remained around $0.7. This resistance has persisted for several months. Moreover, Bone ShibaSwap is below the neutral line of its RSI, indicating a long bearish trend.
Now Shibarium, what now?
Initially touted as a possible solution to the SHIB and BONE pricing trends, the Shibarium of Shiba Inu generated significant interest. Furthermore, the transition from testnet to mainnet was fueled by its significant following.
However, excitement around the platform has waned after the initial surge in activity.
An examination of the platform via the Shibarium scan revealed that the number of active accounts has consistently remained below 900. Although peaks above 1,000 were occasionally observed on some days, the current count was 678.
There has also been a decrease in the creation of new accounts over the past three months. The highest number recorded recently was 524 on October 25. At the time of writing, the number of new accounts has dropped to 26.
Source: Shibarium scan
Moreover, there must be a more significant growth in the number of new transactions. At the time of writing, the number of new transactions was approximately 9,000. Additionally, the number of new blocks has stabilized at around 17,200 after briefly falling below this range.
These figures collectively suggested that there was a need for notable new activities within the Shibarium, which translated into insufficient impact on the SHIB and BONE awards.
Shibarium sees a slight increase in TVL
While Shibarium experienced a decline in total business, there was a slight increase in Total Value Locked (TVL). AMBCrypto’s investigation of the TVL DefiLlama showed a gradual increase from November 17.
Source: DefiLlama
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At the time of writing, the TVL stood at almost $670,000. This suggested that additional liquidity has entered the platform in recent days.
However, this figure was still significantly lower than the TVL of approximately $1.4 million recorded in August before the subsequent decline. Despite the recent upturn, the platform has not yet managed to fully regain the level of liquidity it previously had.