SHIB and BONE decline despite Shibarium reaching key milestone

The number of Shibarium wallets has surpassed one million unique addresses, while the prices of Shiba Inu (SHIB) and Bone ShibaSwap (BONE) have slipped notably.

According to Shibarium blockchain explorer, the total number of wallets on the layer-2 network has reached 1,010,243. Per the data, the total number of blocks on Shibarium has surpassed the 450,000 mark with a total of 949,204 diverse transactions.

The layer-2 blockchain launched in mid-August while facing technical difficulties. Per a report on Aug. 19, Kaal Dhairya, one of the Shibarium developers, addressed the FUD (fear, uncertainty and doubt) among investors while hinting at a scaling plan.

Moreover, Shibarium relaunched on Aug. 28 with its lead developer, Shytoshi Kusama, stating the network is “live and operating well.”

Following the relaunch, data provided by the Shibarium blockchain explorer shows that the number of daily transactions on the network has been constantly rising since Sep. 1 — reaching 99,000 trades in the past 24 hours.

SHIB and BONE decline

While Shibarium hit a key milestone of one million wallets, the prices of SHIB and BONE have dropped along with the global crypto market.

Shiba Inu is down by 1.56% in the past 24 hours and trading at $0.0000077 at the time of writing. The meme coin’s market cap is down to the $4.55 billion mark while its 24-hour trading volume registered a 14% hike, reaching $89 million.

Quite similarly, BONE also registered a 2.7% decline over the past day and is currently trading at $1.05. It’s important to note that BONE is the governance token for ShibaSwap and the gas token for Shibarium.

BONE’s market capitalization currently stands at $240 million, with a $7 million 24-hour trading volume.