BONE still struggles post Shibarium Launch
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BONE still struggles post Shibarium Launch

written by John Murphy | March 19, 2023

SHIB has gained value but BONE still struggles post-Shibarium Public Beta testnet launch.

Initially, there were concerns and valid doubts regarding the launch of the Shibarium testnet, also known as the Puppy net. As the token took the road to recover from a drop in value, the situation became more vivid, clearing out the air. This happened after there were negative comments and FUD surrounding the token

After the launch of the Shibarium testnet, there was a disagreement among the community within a week. The members noticed that the Layer 2 network L2 of the Shibarium testnet was using an unrelated project chain ID. This concern was a sign of potential risk to the integrity and security of the network.

Without taking prompt appropriate measures to address the issue it can lead to a detrimental effect on the price movement of SHIB and BONE.

FUD surrounding SHIB

Kaal Dhairya one of the main developers of Shiba Inu tried to clear the speculations. In order to address all of the arising concerns and FUD around the new l launch, he made a tweet.

In the tweet, Kaal Dhairya explained that the choice of chains was random and that they were not reviewed before final development. He also made it clear that no other project was registered on the network at the time of the development of Shibarium. Thus there should be no conflict regarding the use of the Shibarium testnet.

He announced the further plan of the Beta network deployment to a new chain ID. This shows that the developers are taking into account the security and integrity of Shibarium into account, and working to maintain it.

So what’s the impact on the active addresses of Shibarium and SHIB

The launch of the L2 testnet of Shiba Inu called Shibarium has an impact on the active addresses of the SHIB. The puppyscan of the L2 testnet revealed that the user activity has hiked. To an average of 5 secs block time. There was the generation of over 400,000 blocks and had already performed more than 2500 transactions on 2500 wallets. Indicating a significant increase in user activity on the network.

Moreover even prior to the release of Shibarium the active addresses of the SHIB were increasing. Until now the addresses are still increasing with 31,000 active addresses. This indicates that the cryptocurrency was able to maintain its level.

Is this the revival of SHIB and BONE?

The price movement of the Shiba Inu crypto raised amidst FUD (Fear, Uncertainty, and Doubt). On March 15 there seemed to be a significant decrease in the value of SHIB. This was likely due to the surrounding FUD and concern raised due to the use of an unrelated chain ID for Shibarium. It lost around 7.45% of its value. SHIB has increased by 6% in its value now as it recovered from the sudden drop soon enough. Nonetheless, there seems to be a positive sentiment, or the issue in chain ID has been addressed appropriately.

On the contrary, the value of BONE is not following the same trend. Even if the circumstances are favorable for SHIB but are not the same for BONE. However, it did make a recovery of 17th March of 11% and finished trading that day at $1.33.

Somewhat the entire situation does not give a positive outlook for BONE.