BONE holders, eagerly anticipating the launch of Shibarium as a promising Layer 2 (L2) growing solution by Shibaย Inuย , may find themselves wrestling with a pressing question: should they be concerned about the delay in Shibariumโs release?ย
As Shibaย Inuย (SHIB) strives to address criticisms regarding the practicality of Memeย Coin coins, the delayed launch of Shibarium raises uncertainties about its impact on the overall utility and value proposition of the cryptoย token Bone ShibaSwap.
ShibaSwap Ecosystem: BONE Tokenโs Role And Shibarium L2 Integration
ShibaSwap, a decentralizedย financeย (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 expandย the utility and capabilities of the Shibaย Inuย (SHIB) ecosystem.
Latest updates on #Shibarium
A spokeperson from the team stated that testing is going well, and they are speeding up the release and, in his opinion (not a fact), August canย potentially be a good target for release.#SHIBA #Crypto #BONE #LEASH pic.twitter.com/FJX4ZpK4Flโ SHIB INFORMER (@ShibInformer) May 23, 2023
Within the ShibaSwap ecologicalย system, the BONE cryptoย token functions as a governance cryptoย token, granting BONE holders theย potential to propose and vote on protocol changes through the Shibaย Inuย (SHIB) Doggy DAO. This empowers the community to actively take part in shaping futureย ofย the ShibaSwap.
Furthermore, BONE has anย extra critical role as the gas cryptoย token for Shibarium, the next L2 blockchain. Asย ofย now in its test Beta phase, Shibarium promises to attract improved scalability and efficiency to the Shibaย Inuย (SHIB) ecosystem.ย
Inย theย meantime, the L2 growing solution of Shibarium will likely be released in July or the third quarter of inย theย year, reportsย by recent statements made by the projectโs principal developer:
Yesterday, @shibarium_ guessed that the launch of the mainnet would be in August, while my guess is for Q3 and @ShytoshiKusama guessed July.
Shiba team is confident about the launch and have numerous teams working on it, including Artificialย Intelligenceย (AI) integration.
Our estimate is for 2023, andโฆโ ๐๐๐๐๐ (@LucieSHIB) May 24, 2023
Itโsย worthย notingย that, BONEโs involvement extends to the burning of SHIB cryptoย tokens, a strategic measure aimed at reducing the circulating supply of the investment and potentially increasing itsย price in the future.ย
BONE Tokenโs Volatility In 2023: Soaringโฆ Descending
BONE, the cryptoย token empowered by utility, has experienced a turbulent journey throughout 2023. Atย theย beginning, it climbed to its highest value in over a year during February, but everย since, it has suffered a wholeย lotย of decline.
Consequently, nearly all the profits achieved during theย preliminary positiveย tendency period in 2023 have been completely reversed. Presently, CoinGecko reports that BONE is valued at $0.760704. Within theย previousย day, it has witnessed a modest rally of 0.4%, while inย theย previous 7 days, it has seen a decline of 1.6%.
Impact Of Shibariumโs 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 BONEโs price continued to tendency downward, numerous investors found themselves confronted with substantial losses on their holdings.
Reportsย 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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