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The highly anticipated launch of Shibarium, a groundbreaking development for the Shiba Inu (SHIB) ecosystem, has caused shockwaves in the price of SHIB, but it has also been the catalyst for a peak in Bone ShibaSwap’s (BONE) on-chain metrics. Following the release of Shibarium, the activity of BONE on the chain has significantly increased.
Striking Movement in Bone ShibaSwap’s (BONE) On-Chain Metrics
Data provided by the crypto data platform IntoTheBlock reveals an extraordinary surge in BONE token’s on-chain activity, with a significant increase of 200%. The volume of large token transactions has risen from 3.5 million to 7.38 million BONE, indicating an impressive increase of 5.09 million BONE.
The data shows that BONE has become the center of attention for investors. Particularly noteworthy is the significant increase in activity among wallet addresses holding at least 0.1% of the total supply. This class of wallet addresses has experienced a remarkable increase of 210% in entries, resulting in a significant increase of 6.64 million BONE tokens.
Despite these two positive on-chain metrics, there is a confusing data flow. A significant outflow of 6.78 million BONE tokens has occurred from these wallet addresses. This outflow, which accounts for 1.2% of the inflow, potentially indicates selling pressure in the altcoin.
Effects of Shibarium’s Arrival
While the increase in on-chain metrics following Shibarium’s launch is remarkable, the surge on the chain provides a different perspective on the impact caused by Shibarium’s development. Market experts do not expect to see the full extent of the effects of these sharp movements in on-chain data in the short term.
However, the opening of Shibarium was marred by some issues, such as a 1,000 ETH transaction being stuck in limbo, which has contributed to a negative short-term outlook. According to CoinMarketCap data, the price of BONE token has experienced a significant drop of 18.71% in the last 24 hours, trading at $1.26 at the time of writing this article.
