Shibarium testnet achieves an impressive milestone, but what about BONE

• Shibarium testnet achieves significant milestones with over 100,000 transactions on Puppynet and 190,000 transactions in total.
• Despite a recent downtrend, the potential for ShibaSwap BONE to gain traction with the upcoming mainnet launch remains high.

Despite an initial setback, the Shibarium has impressively maintained its momentum, raising hopes for the utility of BONE. Thanks to the correction of its chain ID and updated documentation, transactions on the blockchain have been steadily flowing.

Recently, the Shibarium has achieved a significant milestone in its daily transactions, signaling its continued success.

Read ShibaSwap (BONE) Price Predictions 2023-24

Shibarium wallets and transactions on the rise

A recent post highlighted some impressive data from the Shibarium testnet, revealing significant milestones achieved by the network.

According to Puppyscan.io, on 28 March, the network witnessed a remarkable 100,000+ transactions on Puppynet alone.

In addition, the number of wallets currently testing the network has now exceeded 100,000, with a current count of 108,577. The total number of transactions performed on the network has surpassed 190,000, indicating a strong and active community behind the Shibarium.

MVRV and price shows a BONE loss

The native token of the Shibarium network, ShibaSwap BONE, has not been idle either. Unfortunately, over the past few days, the token has been experiencing a downtrend on a daily timeframe.

At press time, BONE was trading at approximately $1.05, reflecting a loss of over 1%. The Relative Strength Index was below 32, indicating that the token was caught in a bear trend. 

Source: TradingView

Furthermore, the 30-day Market Value to Realized Value ratio indicated that BONE holders were experiencing a loss, at press time. The ratio for the token had fallen below zero, sitting at -18.73%, at the time of writing. 

Source: Santiment

BONE speaks volume

Despite the recent downtrend and loss experienced by BONE holders, the volume metric for the token painted a slightly different picture.

Since the beginning of the year, BONE has seen increased trading activity, as reflected in its volume metrics. Although its highest volume of over 60 million occurred on 16 March, the token has continued to attract consistent trading volumes throughout the year. At the time of writing, BONE’s volume was almost five million.

Source: Santiment

In addition to its trading and volume metrics, the social volume for BONE has also seen some notable activity. Similar to the volume metric, there has been a consistent increase in social activity surrounding BONE since the beginning of the year.

However, in recent days, the social volume has witnessed a slight drop. As of this writing, the metric stood at 77, reflecting decreased social activity. 

Source: Santiment

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Given the recent increase in activity witnessed by the Shibarium testnet, there is a strong potential for BONE to gain more traction in the market.

With its active community and consistent trading volume, the token is positioned to benefit from the mainnet launch, potentially leading to a significant breakout.

Despite the current downtrend experienced by the token, the strong fundamentals of the Shibarium network and its growing user base suggest that there is still considerable room for growth and potential for BONE.