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Shiba Inu’s Bone Token: Rising from the Ashes or Lost in the Hype?

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  • Shiba Inu (SHIB) shows a less impressive market performance compared to other meme coins, with BONE also facing resistance despite the market surge.
  • Shibarium’s initial excitement has waned, with a decline in key metrics and activities, impacting SHIB and BONE prices.

Shiba Inu’s Tenuous Market Position

As the cryptocurrency market experiences a notable surge, Shiba Inu (SHIB), a popular meme coin, has been grappling with a less than stellar performance. Although SHIB saw a modest increase of around 27% since October 19th, it pales in comparison to Dogecoin (DOGE), which secured over a 40% gain in the same period.

SHIB’s Fluctuating Price Dynamics

SHIB’s highest single gain in recent months was approximately 7% on November 11th. However, this surge was not sustained, as subsequent days witnessed declines. Currently, SHIB trades with a minor decrease of less than 1%, continuing its rise-and-fall pattern. Despite these fluctuations, SHIB remains above the neutral line on the Relative Strength Index (RSI), suggesting a sustained, albeit mild, bullish trend.

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Bone ShibaSwap: Contrasting Market Trends

In contrast to the overall positive market trends, Bone ShibaSwap (BONE) displayed a lackluster price movement. Despite a recent marginal uptick of over 1% in the last three days, trading at around $0.6, BONE faced ongoing resistance at approximately $0.7, indicated by its short moving average. Furthermore, BONE’s RSI has been consistently below the neutral line, signaling a prolonged bearish trend.

Shibarium: Fading Momentum and Impact

Shibarium, Shiba Inu’s layer-2 network, was initially anticipated to positively influence SHIB and BONE’s market performance. However, the excitement around Shibarium has diminished, as evidenced by a decline in active accounts and new transactions. Despite occasional peaks, active account numbers have mostly stayed below 900, with a current count of 678. The creation of new accounts and transactions has also seen a notable decrease.

A Glimmer of Hope in Shibarium’s TVL

Despite the overall decline in Shibarium activities, there has been a slight increase in its Total Value Locked (TVL), as reported by AMBCrypto. The TVL, currently standing at nearly $670,000, indicates a recent influx of liquidity, though it still falls short of the previous high of approximately $1.4 million recorded in August.

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The Road Ahead for Shiba Inu and BONE

While the recent uptick in Shibarium’s TVL offers a sliver of hope, the platform and its associated tokens, SHIB and BONE, continue to navigate a challenging market environment. The need for significant new activities within Shibarium is evident, as its current state has yet to make a substantial impact on the prices of SHIB and BONE. As the crypto market evolves, the Shiba Inu community and investors are keenly observing these developments, hoping for a turnaround that aligns with the broader market’s positive trajectory.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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