• Shibarium’s testnet has achieved 10 million transactions prior to its mainnet launch.
• Bone ShibaSwap (BONE) is currently in a phase of consolidation, with three on-chain signals being bearish.
• $BONE and $xFUND have scored significant gains since last year due to the ongoing Shibarium hype.
Shibarium Testnet Hits 10M Transfers
Shibarium, the Layer-2 blockchain solution developed by Unification xFund, has achieved 10 million transactions on its month-old testnet prior to its mainnet launch. The test tokens used for these transactions average 7.2 seconds for block time, promising faster transaction speed than Ethereum’s network.
Bone ShibaSwap (BONE) Consolidation
Bone ShibaSwap (BONE), the official gas token for Shibarium, is going through phased consolidation in the daily charts as it lost two consecutive long-term support lines on May 1st and May 9th, 2023. Currently trading at $0.765559 according to CoinGecko, BONE had a 0.7% daily downturn with a 22.3% drop in value over the past 30 days despite scoring triple digit gains since 2020 due to Shibarium’s hype and listing on major crypto exchanges such as Huobi and Crypto.com .
On-chain Signals
According to IntoTheBlock’s blockchain analytics firm, BONE’s on-chain signals are entirely bearish; net network growth, holders making a profit, and large transactions dropped significantly while concentration is neutral indicating accumulation of significant holder positions from Ethereum whales‘ attention .
SHIB Token Performance
Unification xFund’s native token SHIB has seen only 16% of holders profit from market price despite 633.7% gains since 2020 due to Shibarium’s hype .
Conclusion
Shibarium’s testnet success remains an important indication towards its highly anticipated mainnet launch while BONE is going through a period of consolidation which may retest key support levels before it takes off again upon mainnet launch
