The total number of transactions of the Shibarium testnet passed the 31 million mark.
The price of BONE is up more than 4% in the last 24 hours, while the value of SHIB is up marginally.

As the long-awaited Shiba Inu [SHIB] The launch of Shibarium mainnet is getting closer, the testnet has reached a new milestone in terms of transactions. Plus, the hype around it helped turn around Bone Shiba Swaps [BONE] price action bullish.

Read Shiba Inus [SHIB] Price prediction 2023-24

The third token of the ecosystem, Dog killer [LEASH], chose to follow the same path as its contemporaries as the price rose over the past 24 hours. SHIB also managed to increase its market cap by jumping from 19th to 18th on the top cryptos list.

Shibarium testnet hits new highs

On July 20, NOWNodes revealed it was working on the final phase of Shibarium‘s mainnet launch. As news of the Shibarium mainnet launch caught fire, the Layer 2 testnet reached another milestone.

According to Puppyscan, Shibarium’s testnet explorer, the network’s total transactions exceeded 31 million. In addition, the total portfolios exceeded 17 million. At the time of writing, it had an average block time of over eight seconds with over 1.7 million blocks in total.

However, the number of daily transactions has fallen in recent weeks.

Source: Puppy scan

Shiba Inu ecosystem tokens are rising

Amid this, the much-hyped token of the Shiba Inu ecosystem, BONE, responded positively to the updates. The token gained upward momentum as the price rose more than 4% in the past 24 hours.

At the time of writing, it was trade for $1.32 with a market cap of over $303 million, making it the 104th largest token.

Thanks to the uptick, BONE outflow spiked quite a few times, indicating greater accumulation. The supply on exchanges decreased, while the supply outside exchanges increased.

It was also interesting that BONE managed to maintain its network value in recent months. From DeFiLlamaBONE’s TVL has remained relatively constant over the past few weeks.

Source: Sentiment

Like BONE, the third token of the Shiba Inu ecosystem, LEASH, also registered a marginal increase in value. According to CoinMarketCap, the value of LEASH is up just over 1% in the past 24 hours.

At the time of writing, it was trade for $448.74 with a market cap of over $47 million.

Despite the marginal price increase, the token’s popularity increased. The total number of LEASH holders has increased significantly over the past week.

In addition, like BONE, LEASH’s off-exchange supply increased while on-exchange supply decreased, which looked optimistic for the token.

Source: Sentiment

A closer look at the state of SHIB

While the two Shiba Inu ecosystem tokens gained bullish momentum, the same was not true SHIB. From CoinMarketCapthe price of the memecoin has only increased by more than 0.5% in the past 24 hours.

At the time of writing, it was trading at $0.000007806 with a market cap of over $4.6 billion, making it the 18th largest cryptocurrency.

However, Shibburn’s data showed that the memecoin’s burn rate has dropped by more than 84% in the past 24 hours, which looked negative for the token.


While the price action and consumption rate looked discouraging, a few other metrics looked optimistic. For example, SHIBThe company’s social dominance peaked several times last month, proving its popularity in the crypto space.

Weighted sentiment has also improved in recent weeks, suggesting that positive sentiment surrounding the token has dominated the market.

Source: Sentiment

Shiba Inu investors can expect this

Unlike BONE, SHIB investors may have to wait longer to enjoy profits as most market indicators continued to support the sellers. For example, SHIB‘s Chaikin Money Flow (CMF) moved below the neutral mark.

Is your wallet green? look at the Shiba Inu profit calculator

The memecoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) also registered slight declines. This development further increased the likelihood of a price drop in the coming days.

However, the distance between the 20-day exponential moving average (EMA) and the 55-day EMA had narrowed, raising hopes for a bullish crossover.

Source: TradingView

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