There is an important development regarding the SHIB price. Clay, one of Claybro’s experienced analysts, recently made an analysis. Accordingly, Shibarium is looking at the decline in transaction volume. It also examined the implications for Shiba Inu (SHIB) and Bone ShibaSwap (BONE) token holders. Contrary to concerns, declining Shibarium transactions are unlikely to have a detrimental impact on SHIB’s price.
Understanding the role of Shibarium in the SHIB ecosystem
Clay explained that Shibarium does not contribute significantly to SHIB demand and utility. It is very important to recognize that SHIB is not a prerequisite for interacting with Shibarium. Instead, transactions on Shibarium primarily involve Bone ShibaSwap (BONE) as the cryptocurrency of choice.
In conclusion, Clay emphasized that the growth of Shibarium primarily benefits BONE, as it is the token that is directly involved in Shibarium transactions. On the other hand, when Shibarium transactions increase, SHIB may experience a decrease in supply. As a result, the analyst suggested that Shibarium is more likely to drive demand for BONE rather than SHIB.
Mixed performance for BONE and SHIB
Looking at the latest data from CoinMarketCap, both BONE and SHIB have faced difficulties in the past month. At the time of writing, BONE is worth approximately $0.7947. It also showed a small decrease of 0.09% in the last 24 hours. Comparatively, BONE’s performance against Bitcoin (BTC) also dropped by 0.22% over the same time frame. This latest price drop further adds to BONE’s overall monthly decline of over 43%.
Similarly, the frequently noted meme coin SHIB experienced a price decline of 0.89% in the last 24 hours. Also, the current trading price is 0.000007303. This puts SHIB close to its intraday low of $0.000007292.
Decrease in transaction volume
When we look at Kriptokoin.com, SHIB attracts attention with its intraday trading volume. Accordingly, it decreased by 38.08% to a total of 86.89 million dollars at the time of reporting. These price fluctuations caused SHIB to experience a significant 10% decline in the past month.
As a result, the decline in Shibarium transactions does not pose an immediate concern for SHIB. On the other hand, BONE appears to be the token that will benefit most from Shibarium’s growth. However, both BONE and SHIB are facing difficulties in their recent trading periods. All of this highlights the volatile nature of the cryptocurrency market. The following days are pregnant with important developments for altcoins in the ecosystem. Let’s see how it will turn out.
