SHIB depreciated nearly 13% since March and looks not much optimistic with the launch of Shibarium along with BONE and LEASH
Shiba Inu (SHIB), the second largest meme coin by market capitalization, is consolidating near $0.000010. After making a six-month high of $0.000015 on February 4, the meme coin has fallen almost 30% as of today.
Due to declining whale activity, the Shina Inu price refuses to make a revival in the short-term, despite the recent Shibarium L2 launch, to expand network capacity and trigger a price rebound.
However, the long-awaited L2 blockchain recorded its highest-ever-daily transactions on March 28. A tweet from a self-acclaimed SHIB loyalist showed the rise in activity helped the transaction reach 109,655. All of these took place among 57,781 addresses.
Further, it is not only SHIB, which is getting the attention of the Shibarium ecosystem. But also LEASH, and Bone ShibaSwap(Bone).
According to blockchain data analytics platform, Santiment , Shiba Inu whales have been making lesser transactions in the past month. From February 4, and March 28, transactions exceeding $1,00,000 have reduced from 535 to 32.
In the past 24 hours, the LEASH volume declined by 4.26% in the last 24 hours according to on-chain analytic platform CoinMarketcap.
Further, on-chain metric, social volume, which considers the number of search texts relating to an asset, SHIB rose to 12, while BONE trades heavily lower as of writing .
However, other similar projects under the Ethereum blockchain could be a limiting factor for the Shibarium L2 dominance.
