BONE Holders Fear Shibariums Delayed L2 Launch

BONE Holders Fear Shibariums Delayed L2 Launch

Should BONE holders be concerned about the delayed launch of Shibarium, Shiba Inu’s Layer 2 scaling solution, and its impact on the token’s utility and value proposition?

BONE holders, eagerly anticipating the launch of Shibarium as a promising Layer 2 (L2) growing solution by Shiba Inu , may find themselves wrestling with a pressing question: should they be concerned about the delay in Shibarium’s release? 

As Shiba Inu (SHIB) strives to address criticisms regarding the practicality of Meme Coin coins, the delayed launch of Shibarium raises uncertainties about its impact on the overall utility and value proposition of the crypto token Bone ShibaSwap.

ShibaSwap Ecosystem: BONE Token’s Role 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 yield farming. Its primary aim is to expand the utility and capabilities of the Shiba Inu (SHIB) ecosystem.

Within the ShibaSwap ecological system, the BONE crypto token functions as a governance crypto token, granting BONE holders the  potential to propose and vote on protocol changes through the Shiba Inu (SHIB) Doggy DAO. This empowers the community to actively take part in shaping future of the ShibaSwap.

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Furthermore, BONE has an extra critical role as the gas crypto token for Shibarium, the next L2 blockchain. As of now in its test Beta phase, Shibarium promises to attract improved scalability and efficiency to the Shiba Inu (SHIB) ecosystem. 

In the meantime, the L2 growing solution of Shibarium will likely be released in July or the third quarter of in the year, reports by recent statements made by the project’s principal developer:

It’s worth noting that, BONE’s involvement extends to the burning of SHIB crypto tokens, a strategic measure aimed at reducing the circulating supply of the investment and potentially increasing its  price in the future. 

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BONE Token’s Volatility In 2023: Soaring… Descending

BONE, the crypto token empowered by utility, has experienced a turbulent journey throughout 2023. At the beginning, it climbed to its highest value in over a year during February, but ever since, it has suffered a whole lot of decline.

Consequently, nearly all the profits achieved during the preliminary positive  tendency period in 2023 have been completely reversed. Presently, CoinGecko reports that BONE is valued at $0.760704. Within the previous day, it has witnessed a modest rally of 0.4%, while in the previous 7 days, it has seen a decline of 1.6%.

BONE Holders Fear Shibariums Delayed L2 Launch

Impact Of Shibarium’s Delayed Launch And Prolonged Downtrend

The delayed launch of Shibarium, combined with the prolonged downward tendency of BONE, has had a detrimental effect on investor sentiment. As BONE’s price continued to tendency downward, numerous investors found themselves confronted with substantial losses on their holdings.

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Reports by current data, the 30-day MVRV Ratio remained negative throughout May, reaching -12.94 percent at the time of this report. This signifies that on average, most addresses holding BONE would incur a loss of 12.94%.

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