Shiba Inu struggles amid market surge, but how did BONE fare?

• SHIB continued its rise-and-fall theme with less than a 1% decline.
• Shibarium saw a decline in key metrics.

Even as the crypto market experienced a surge, Shiba Inu’s [SHIB] performance did not exhibit the same level of excitement. Similarly, its associated ecosystem token, Bone ShibaSwap [BONE], showed slower movements.

Despite expectations that the launch of Shibarium would boost these tokens, their current status prompts the question: What has been the state of the L2 network since its introduction?

Shiba Inu barely holding on

The daily price trend of SHIB from the 19th of October until press time revealed a slight increase of around 27%. However, compared to other meme coins like Dogecoin [DOGE], which experienced a more substantial gain of over 40%, SHIB’s performance appeared lackluster. 

Further chart analysis highlighted that the highest single gain in months was about 7% on the 11th of November. Unfortunately, this positive momentum was short-lived, as subsequent days saw declines.

At the time of writing, SHIB was trading with a slight decrease of less than 1%, following a gain of over 1% in the previous trading session. This recurrent pattern suggested a consistent theme in SHIB’s price movement.

Source: TradingView

Despite these periodic declines, SHIB has maintained its position above the neutral line on the Relative Strength Index (RSI). The RSI line’s placement indicated that SHIB has sustained a bullish trend, despite the overall price fluctuations.

Bone ShibaSwap shows opposite trends from the market

An examination of Bone ShibaSwap’s performance revealed a notably unimpressive price trend. The token failed to respond to the positive market trend observed in recent weeks.

However, a closer examination indicated a marginal uptick of over 1% in the last three days.

At the time of this analysis, it was trading at around $0.6, reflecting a slight increase of around 1.4%.

Source: TradingView

Despite these recent upward movements, the token faced resistance from its short moving average (yellow line), which remained at around $0.7. This resistance has persisted for several months. Additionally, Bone ShibaSwap has been below the neutral line on its RSI, signifying a long bearish trend.

Now Shibarium, what next?

Initially hailed as a potential solution to the SHIB and BONE price trends, the Shibarium from Shiba Inu generated substantial interest. Also, its transition from testnet to mainnet was fueled by its considerable following.

However, the excitement surrounding the platform has declined following the initial rise in activities.

An examination of the platform through the Shibarium scan revealed that the number of active accounts has consistently remained below 900. While occasional peaks above 1,000 were observed on a few days, the current count was 678.

Also, there has been a decline in the creation of new accounts over the last three months. The highest number recorded recently was 524 on the 25th of October. As of this writing, the number of new accounts has declined to 26.

Source: Shibariumscan

Furthermore, there needs to be more significant growth in new transactions. As of this writing, the number of new transactions was around 9,000. Additionally, the number of new blocks created has stabilized at around 17,200 after briefly dropping below this range.

These metrics collectively suggested a need for notable new activities within the Shibarium, translating to insufficient impact on SHIB and BONE prices.

Shibarium sees a slight increase in TVL

While Shibarium experienced a decline in overall activities, there has been a slight increase in its Total Value Locked (TVL). AMBCrypto’s examination of the TVL on DefiLlama showed an incremental rise from the 17th of November.

Source: DefiLlama

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At press time, the TVL stood at nearly $670,000. This suggested that additional liquidity has entered the platform in recent days.

However, this figure was still notably lower than the TVL of around $1.4 million recorded in August before the subsequent decline. Despite the recent uptick, the platform has yet to fully regain the liquidity levels it previously held.