Shibarium’s BONE Tests Key Support as Testnet Hits 10M Transfers
20.5.2023 | 13:52
Shibarium Testnet Hits 10 Million Transfers
• Puppynet, the testnet of Shibarium, has reached 10 million transactions in its first month.
• The average block time on Puppynet is 7.2 seconds, making it faster than Ethereum’s network.
• Bone ShibaSwap (BONE) token is consolidating and on-chain signals are bearish before the mainnet launch.
Shibarium’s Tech Milestones
Shibarium’s Layer-2 solution is currently in the testing phase prior to its mainnet launch. The testnet known as ‚Puppynet‘ has achieved two major milestones: 9 million transactions and 15 million wallet addresses since its launch a month ago. Transactions are conducted with $tBONE, a test version of Bone ShibaSwap (BONE). Average block time for these transactions stands at 7.2 seconds—promising quicker transaction speed than the ERC-20 token on Ethereum’s (ETH) network.
Bearish Signals for BONE Token
As Unification xFund developers continue to work on Shibarium’s mainnet, BONE is going through phased consolidation in the daily charts over the past few weeks. At press time, $BONE trades at $0.765559 according to CoinGecko with a 0.7% daily downturn and 22% drop in the last 30 days—however, this range has attracted Ethereum whales’ attention which can be seen in 3 bearish signals from IntoTheBlock: net network growth, holders making a profit and large transactions have all dropped significantly while concentration remains neutral indicating some accumulation of holder positions nonetheless.
Listings & Gains Since Last Year
Despite bearish short-term trends, BONE scored triple digit gains since last year mostly due to the ongoing Shibarium hype which resulted in several major crypto exchanges listing Shiba Inu’s alternative tokens such as Huobi and Crypto.com among others.
Overall, Shibarium has achieved impressive milestones ahead of its mainnet launch such as processing 10 million transactions during testing phase with fast block times that show promise for future development on Layer-2 blockchain technology when released to public use soon enough. However, despite some accumulation from whales recently causing slight price upliftment for BONE token over recent weeks it still faces bearish pressure overall suggesting further consolidation could occur before any notable upward movements materialize once again post-mainnet release of Shibarium’s blockchain technology platform later this year or early next year depending on progress updates from Unification xFund development team working hard behind scenes right now
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