- Analyst explains that the decreased amount of Shibarium transactions should not have a negative effect on the price of SHIB.
- BONE is the only token that stands to gain from the growth of Shibarium.
- Both BONE and SHIB experienced losses of more than 10% over the past month of trading.
Analyst Clay from Claybro shared in one of his latest YouTube videos that there has been a substantial decrease in the amount of Shibarium transactions. Luckily, Clay explained, this will not necessarily have a negative effect on the price of the popular meme coin Shiba Inu (SHIB).
Shibarium does not contribute to the demand and utility of SHIB itself. Clay explained that it is important to note that SHIB is not required for utilizing Shibarium, instead, Bone ShibaSwap (BONE) is the cryptocurrency used for transactions on Shibarium.
Consequently, Clay stated that Shibarium’s growth is mainly beneficial for BONE as it is the only token that stands to gain from it. Meanwhile, SHIB experiences a drop in supply when Shibarium transactions increase. Therefore, Shibarium is more likely to boost demand for BONE rather than for SHIB, according to the analyst.
Meanwhile, data from CoinMarketCap indicated that the past month has been kind to neither BONE nor SHIB. At press time, BONE was worth about $0.7947 after its price slipped by 0.09% over the past 24 hours of trading.
This caused BONE to weaken against Bitcoin (BTC) by 0.22% throughout the past day as well. In addition to this latest price drop, the meme coin’s value fell by more than 43% in the past month alone.
Similarly, SHIB’s price also ended up decreasing in the past 24 hours. At press time, SHIB was trading at $0.000007303 after its price dropped by 0.89%. This meant that the meme coin was trading very close to its intraday low of $0.000007292.
Along with its price drop, the altcoin’s intraday volume fell by 38.08%, which left it standing at $86.89 million at press time. SHIB’s price also took a hit of more than 10% over the past month.
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