BONE’s dynamic rally has come to a halt. A significant slump has emerged, triggered not only by the general condition of the market. A key reason may be the delays associated with Shibarium.
Shibarium delays putting pressure on BONE
The key token for the Shiba Inu ecosystem, BONE, has been experiencing very difficult times recently. Recall that it is linked to the solution of the second layer of SHIB, called Shibarium. The second layer, however, seems to be providing developers with some problems.
The company behind its development announced a few months ago that the release of Shibarium documentation would take place sometime in the third quarter of 2022, or right after. Meanwhile, there are apparent delays. In addition, the market is suffering from a lack of clear information from the developers, adding to the uncertainty.
Adding fuel to the fire is the market situation of the FTX exchange, as well as the related FTT coin. It undoubtedly has a direct impact on every crypto asset.
Shytoshi Kusama focused on Shibarium
The decline in interest in BONE comes despite the fact that chief developer Shiba Inu, has explicitly announced that almost all of his attention is now being shifted to work on Shibarium. In a post on his blog, he wrote:
“I will now shift my attention to advertising the game, the blockchain version and Shibarium with Kaal, as we are rapidly approaching the Beta release.”
Despite this, it is unclear when exactly the Shibarium project documentation, and the second layer itself, will be released. And if you don’t yet know exactly what the SHIB second layer solution is all about, we encourage you to use the magnifying glass, at the top of the screen. With its help, you can easily search for articles related to the topics you are interested in. Shibarium has been a frequently addressed issue so far.
Price action on the BONE chart
BONE reached the peak of its value on August 30, reaching $2.39. Since then it has been accompanied by a long-term decline. On October 13, BONE managed to find a local bottom, located at the level of $0.75. Since then, along with hopes for the imminent release of Shibarium documentation, the token began a period of growth. After more than two weeks, it reached $1.33 and established another local peak there. At the time of writing this text, BONE is testing support near $0.70. This is a level 72.5% below the ATH reached.
Despite the current problems, market observers still have high hopes for BONE.