Shiba Inu ecosystem tokens SHIB and BONE record price declines.
In the wake of the long-anticipated Shibarium mainnet launch, the two most significant tokens powering the chain’s ecosystem have taken a downward trajectory, to the dismay of crypto enthusiasts.
Amid the hype surrounding the Layer-2 solution network launch, the crypto community envisages a spike in the Shiba Inu ecosystem tokens, particularly Shiba Inu (SHIB) and BONE. However, these two tokens have continued to plunge in value, raising suspicions within the crypto sphere.
It is worth noting that BONE was adopted to serve as the gas fee token on Shibarium, highlighting why the crypto community is seemingly anticipating a surge in the token’s price.
SHIB and BONE Market Prices
Data from CoinGecko, a crypto authority tracking site, revealed that SHIB had lost a leading zero and is selling for $0.00000917.
At the time of writing, SHIB’s current price indicates that the token has declined by about 7.7%. SHIB’s decline seems spontaneous, having maintained a remarkable uptrend by 17.7% in the past 30 days.
At the same time, BONE also dropped significantly in value. At press time, BONE is down by almost 14% and is valued at $1.33.
The past 24 hours saw BONE register a maximum and minimum selling price of $1.73 and $1.22, respectively.
Reason For The Price Declines
The main reason for the decline in Shiba Inu ecosystem coins could be the overall crypto market outlook that is taking a toll on these digital asset prices.
To corroborate the above fact, data from Binance, the world’s leading exchange, indicates that most trending cryptocurrencies on the exchange platform are presently recording losses. Some of these coins include Binance Smart Chain (BNB), Bitcoin (BTC), Ethereum (ETH), etc.
The other reason for the fall can be Buying the rumor and Selling the news phenomena. Shib and BONE were witnessing a surge before the launch of Shibarium, and as soon as the Team announced the official Shiabrium launch news, both coins started falling.
The third reason is Shibarium network faces mounting issues that have resulted in a halt in block production and $1.7 million worth of ETH stuck on the Ethereum bridge.