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BONE owners looking forward to the launch of Shibarium as a promising Tier 2 (L2) scaling solution from Shiba Inu (SHIB) may be faced with a burning question: should they be concerned about a Shibarium release delay?
As the Shiba Inu attempts to respond to criticism over the usability of meme coins, the delayed launch of the shibarium raises uncertainty about its impact on the overall utility and value proposition of the Bone ShibaSwap token.
ShibaSwap Ecosystem: Role of BONE Token and Shibarium L2 Integration
ShibaSwap, a decentralized finance (DeFi) protocol launched in July 2021, offers a range of passive income generating services such as staking, liquidity pools, and crop farming. Its main goal is to increase the usefulness and opportunities of the Shiba Inu ecosystem.
Latest updates on #Shibarium
Aperson from the team said that testing is going well, and they are speeding up the release spoke and, in his opinion (not a fact), August might be a good target for release.#SHIBA #Crypto #BONE #LEASH pic.twitter.com/FJX4ZpK4Fl
— SHIB INFORMER (@ShibInformer) May 23, 2023
In the ShibaSwap ecosystem, the BONE token functions as a governance token, giving BONE holders the ability to propose and vote on protocol changes through the Shiba Inu Doggy DAO. This allows the community to actively participate in shaping the future of ShibaSwap.
In addition, BONE plays an important role as a gas token for Shibarium, the future L2 blockchain. Currently in its beta phase, Shibarium promises to improve the scalability and efficiency of the Shiba Inu ecosystem.
Meanwhile, Shibarium’s L2 scaling solution is likely to be released in July or the third quarter of this year, according to recent statements from the project’s main developer:
Shiba team is confident about the launch and have multiple teams working on it, including AI integration.
Our estimate is for 2023, and…
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 24, 2023
Notably, BONE’s participation extends to the burning of SHIB tokens, which is a strategic measure aimed at reducing the asset’s circulating supply and potentially increasing its value in the future.
BONE Token Volatility in 2023: Up… Down
BONE, a token endowed with utility, has had a tumultuous journey through 2023. It initially rose to its yearly high in February, but has since dropped significantly.
Consequently, almost all gains made during the initial period of the bull run in 2023 have been completely undone. Currently, CoinGecko reports that BONE is valued at $0.760704. It has seen a modest 0.4% gain in the last 24 hours and a 1.6% gain in the last seven days.
SHIB’s total market capitalization falls from $5 billion. Chart: TradingView.com
The impact of Shibarium’s delayed launch and prolonged decline
The delayed launch of Shibarium, combined with BONE’s protracted downtrend, had a detrimental effect on investor sentiment. As the price of BONE continued to decline, many investors faced significant losses in their holdings.
As of current data, the 30-day MVRV ratio remained negative throughout May, hitting -12.94% at the time of this report. This indicates that, on average, most addresses containing BONE will suffer a loss of 12.94%.
– Featured image from