Should BONE Holders Worry About Shibarium’s Delayed L2 Launch?

BONE holders, eagerly anticipating the launch of Shibarium as a promising Layer 2 (L2) scaling solution by Shiba Inu (SHIB), may find themselves grappling with a pressing question: should they be concerned about the delay in Shibarium’s release? 

As Shiba Inu strives to address criticisms regarding the practicality of meme coins, the delayed launch of Shibarium raises uncertainties about its impact on the overall utility and value proposition of the token Bone ShibaSwap.

ShibaSwap, a decentralized finance (DeFi) protocol launched in July 2021, offers a range of passive income-generating services such as staking, liquidity pools, and yield farming. Its primary aim is to enhance the utility and capabilities of the Shiba Inu ecosystem.

Latest updates on #Shibarium A spokeperson from the team said that testing is going well, and they are speeding up the release and, in his opinion (not a fact), August might be a good target for release.#SHIBA #Crypto #BONE #LEASH pic.twitter.com/FJX4ZpK4Fl

— SHIB INFORMER (@ShibInformer) May 23, 2023

Within the ShibaSwap ecosystem, the BONE token functions as a governance token, granting BONE holders the ability to propose and vote on protocol changes through the Shiba Inu Doggy DAO. This empowers the community to actively participate in shaping the future of ShibaSwap.

Furthermore, BONE has an additional crucial role as the gas token for Shibarium, the upcoming L2 blockchain. Currently in its test Beta phase, Shibarium promises to bring improved scalability and efficiency to the Shiba Inu ecosystem. 

Meanwhile, the L2 scaling solution of Shibarium will likely be released in July or the third quarter of this year, according to recent statements made by the project’s principal developer:

Yesterday, @shibarium_ guessed that the launch of the mainnet would be in August, while my guess is for Q3 and @ShytoshiKusama guessed July.

Shiba team is confident about the launch and have multiple teams working on it, including AI integration. Our estimate is for 2023, and…

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 24, 2023

Notably, BONE’s involvement extends to the burning of SHIB tokens, a strategic measure aimed at reducing the circulating supply of the asset and potentially increasing its value in the future. 

BONE, the token empowered by utility, has experienced a turbulent journey throughout 2023. Initially, it climbed to its highest value in over a year during February, but since then, it has suffered a significant decline.

Consequently, nearly all the gains achieved during the initial bullish period in 2023 have been completely reversed. Presently, CoinGecko reports that BONE is valued at $0.760704. Within the last 24 hours, it has witnessed a modest rally of 0.4%, while over the past seven days, it has seen a decline of 1.6%.

The delayed launch of Shibarium, combined with the prolonged downward trend of BONE, has had a detrimental effect on investor sentiment. As BONE’s price continued to trend downward, many investors found themselves confronted with substantial losses on their holdings.

According to current data, the 30-day MVRV Ratio remained negative throughout May, reaching -12.94% at the time of this report. This indicates that on average, most addresses holding BONE would incur a loss of 12.94%.

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