Following the highly anticipated launch of the Shibarium mainnet, the ecosystem’s pivotal tokens have taken an unexpected downward turn, disappointing cryptocurrency enthusiasts.
Despite the buzz surrounding the introduction of the Layer-2 solution network, the crypto community had anticipated a bullish trajectory for the Shiba Inu ecosystem tokens, particularly Shiba Inu (SHIB) and BONE. However, these tokens have defied expectations and instead experienced a decline in value, prompting speculation and concern among those in the crypto space.
Notably, BONE was designated to function as the gas fee token on the Shibarium network, which underscores why the community had been anticipating a potential surge in its value.
SHIB and BONE Market Prices
According to data provided by CoinGecko, a prominent crypto tracking platform, SHIB has undergone a change, shedding a leading zero and now trading at $0.00000917.
As of the present moment, the current price of SHIB signifies a decrease of approximately 7.65%. This decline comes as a surprise, considering SHIB had demonstrated a noteworthy upward trend of 16.91% over the last 30 days.
Simultaneously, BONE has also experienced a notable decrease in its valuation. As of the time of writing, BONE has dropped by nearly 13%, resulting in a value of $1.33.
Within the past 24 hours, BONE has recorded a peak selling price of $1.73 and a low of $1.28.
What Could Be The Cause of This Market Decline?
The downturn observed in the Shiba Inu ecosystem’s tokens may largely be attributed to the broader crypto market sentiment, which seems to be affecting the values of these digital assets.
Supporting this perspective, data from Binance, a leading global exchange, reveals that many of the popular cryptocurrencies on its platform are currently in the red. This list of underperforming cryptocurrencies includes notable names like Binance Smart Chain (BNB), Bitcoin (BTC), and Ethereum (ETH), among others.
Another plausible explanation for the drop is the “buy the rumor, sell the news” phenomenon. Both SHIB and BONE experienced a rise in value leading up to the Shibarium launch. However, once the official announcement regarding the Shibarium launch was made, both tokens began their descent.
Lastly, the challenges faced by the Shibarium network, which include a pause in block production and $1.7 million worth of ETH getting trapped on the Ethereum bridge, might also be contributing to the dip in prices.