Total Shibarium testnet transactions crossed the 31 million mark. BONE price increased more than 4% in the last 24 hours, while SHIB value increased marginally.
As the long-awaited Shiba Inu [SHIB] Shibarium mainnet launch approaches, its testnet has reached a new milestone in terms of transactions. Additionally, the hype around it helped turn ShibaSwap’s Bone [BONE] price action bullish.
The third token in the ecosystem, Doge Assassin [LEASH], chose to follow the same path as its contemporaries as its price rose in the last 24 hours. SHIB also managed to increase its market capitalization by jumping from 19th to 18th place on the list of top cryptocurrencies.
Shibarium Testnet Hits New Highs
On July 20, NOWNodes revealed that it was working on the final stage of Shibarium’s mainnet launch. While the news about the Shibarium mainnet launch caught fire, the Layer 2 testnet reached a new milestone.
According to Puppyscan, Shibarium’s testnet explorer, total network transactions exceeded 31 million. In addition, their total portfolios exceeded 17 million. At press time, it had an average block time of over eight seconds with a total of over 1.7 million blocks.
Shiba Inu Ecosystem Tokens Are on the Rise
Amidst this, the highly-hyped Shiba Inu ecosystem token BONE reacted positively to the updates. The token gained bullish momentum as its price rose more than 4% in the last 24 hours. Recently, it was trading at $1.32 with a market capitalization of over $303 million, making it the 104th largest token.
Thanks to the rally, the BONE exchange outflow shot up several times, suggesting further accumulation. His supply on exchanges decreased, while his supply off exchanges increased. BONE managed to maintain the value of its network over the past few months. according to BONE’s DeFiLlamaTVL, it has remained relatively constant in recent weeks.
LEASH, saw a marginal increase in value. Recently, it was trading at $448.74 with a market capitalization of more than $47 million.
Despite the marginal increase in price, the popularity of the token was on the rise. The total number of LEASH holders increased substantially over the past week.
A Closer Look at the State of SHIB
Although the two Shiba Inu ecosystem tokens gained bullish momentum, the same did not happen with SHIB. according to CoinMarketCap the price of the memecoin only rose more than 0.5% in the last 24 hours.
Recently, it was trading at $0.000007806 with a market capitalization of over $4.6 billion, making it the 18th largest cryptocurrency. However, the Shibburn data revealed that the consumption rate of the memecoin decreased by more than 84% in the last 24 hours, which seemed negative for the token.
Its weighted sentiment has also improved in recent weeks, suggesting that positive sentiment around the token has dominated the market.
Shiba Inu Investors Can Look Forward to this
Unlike BONE, SHIB investors may have to wait longer to enjoy gains as most market indicators continued to support sellers. For example, SHIBChaikin Money Flow (CMF) moved below the neutral mark.
The relative strength index (RSI) and the money flow index (MFI) of the memecoin also registered slight falls. This development further increased the chances of a downward price trend in the following days. However, the distance between the 20-day EMA and the 55-day EMA had narrowed, giving hope of a bullish crossover.
By Audy Castaneda
