Earlier today, Shiba Inu made a successful debut of its layer-2 scaling solution known as Shibarium. With high expectations for a transformative impact, this initiative was poised to enhance the value of both Shiba Inu and its derivative token, BONE. This token serving as the governance token within the Shibarium ecosystem, carried significant expectations. However, contrary to predictions, there was an unexpected absence of upward momentum in the value of these assets.
At the present moment, Shiba Inu’s BONE is being traded at $1.29, marking a notable decrease from its peak value of $1.7346. Within the last 24 hours, the token has undergone a considerable decline of 20% in its daily performance. Despite a substantial 62% surge in trading volume, the market capitalization of BONE experienced a drop of 20%, settling at $297 million. The short-term price chart for this token clearly indicates a shift in control favoring sellers in the market.
The Relative Strength Index (RSI) indicator exhibited a recovery from the oversold region. Nevertheless, as the RSI reading remains below the midpoint value of 50, an ongoing sentiment of selling pressure continues to dominate the market.
It is noteworthy that BONE witnessed a significant surge in value, particularly due to its listings and the growing enthusiasm surrounding Shibarium. However, upon the official launch of Shibarium’s layer-2 solutions, the asset did not demonstrate the expected upward movement. Furthermore, Shiba Inu’s trading price currently stands at $0.00000928, reflecting a 7.86% daily decline. LEASH, another derivative of SHIB, followed a similar trajectory, experiencing a dip of 24.02%.
BONE’s Mysterious Journey
At the current moment, a cumulative sum of 2,749,278.3820 BONE tokens has been staked across 8 validators. Holding the primary position among these validators is Unification, which boasts the highest staked quantity of 1,324,990.4126 BONE tokens. Not far behind are SHIBARMY OREGON and SHIBARMY N.VIRGINIA, with their respective staked amounts standing at 475,997.3620 and 176,697.8458 BONE tokens.
Amidst this unfolding scenario, reports have surfaced indicating that transactions within the network encountered a notable delay of at least five hours. Shiba Inu’s BONE took to Twitter to clarify that the dip in the token’s value was a consequence of the “temporary unavailability” of Shibarium.