- The launch date of the Shibarium mainnet is still being determined as the testnet grows.
- SHIB and BONE are in a bear trend as SHIB enters oversold territory.
The highly anticipated debut of the Shiba Inu Shibarium has sparked countless conversations. Initially, enthusiasts thought the launch would take place sometime between the second and third quarters of 2023. However, as we approach the end of Q2, the specific date remains uncertain, as reported by a trusted Shiba Inu promoter.
Read Shiba Inu (SHIB) Price Forecast 2023-24
Shibarium launch date uncertain
LucieSHIBa prominent promoter of Shiba Inu, previously announced that the highly anticipated Shibarium mainnet was scheduled for release between Q2 and Q3 of 2023. However, recent updates from the same source pointed to a possible delay in the launch date, casting doubt on the previous certainty .
Despite the uncertainty surrounding the mainnet launch, the testnet continued to make progress, as confirmed by information from the Puppynet scanner.
At the time of writing, the testnet witnessed an impressive number of transactions, over 19.4 million. In addition, there were more than 16.7 million wallet addresses and more than 1.2 million blocks.
In the latest Shibarium report, there were temporary glitches with the Puppynet scanner, resulting in hours of downtime. However, the scanner is now operational again and users are provided with up-to-date information.
SHIB and BONE price development
Shiba Inu experienced a notable price drop on the daily time chart, with the cryptocurrency currently trading at a significant loss of over 20%.
This decline has pushed SHIB into a strong bear trend, indicating significant downward movement. The Relative Strength Index (RSI) further confirmed bearish sentiment as SHIB fell below 30 and entered the oversold zone.
Source: TradingView
At the same time, the other ecosystem token, BONE, showed a mediocre price performance in the same time frame. At the time of writing, it was trading at around $0.6, reflecting a nearly 9% loss. Like SHIB, this token was also in a strong bear trend, with an RSI below 40.
Source: TradingView
While the launch of the Shibarium mainnet has the potential to spark a rally in these tokens, the prevailing uncertainty surrounding their release could negatively impact their value.
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SHIB’s burn rate increases
Despite the significant drop in value, there was a notable spike in Shiba Inu burn rate. According to Shibburn data, SHIB’s burning rate has increased by an astonishing 4,000% in the last 24 hours. At the time of writing, the burn rate was an impressive 4,181.09% and over 227.4 million SHIB tokens have been burned.