SHIB, BONE Defy Market Trend As Both Rally Amid Shibarium Bridge Beta Test

Shiba Inu (SHIB) and Bone ShibaSwap (BONE), two decentralized tokens of the Shiba Ecosystem, defied the sliding crypto market trend by continuing to rally amid the public beta test of the Shibarium bridge.

After hovering around the $0.000007 threshold for nearly two weeks, SHIB, the native token of the Shiba Ecosystem, broke through the $0.000008 price level over the weekend, recording a 6% gain on the same day and approximately an 11% gain over the past seven days.

Around the same time, Bone ShibaSwap traded at $1.41%, reflecting a 0.50% gain in the day and around 15% over the past seven days.

Several factors could have influenced the uptrend of both SHIB and BONE, even as the broader cryptocurrency market was trading downhill.

One possible reason could be the announcement of the Ethereum + Shibarium bridge beta testing last Wednesday.

The bridge is described as a "trustless and bi-directional transaction environment between Shibarium and Ethereum" and aims to enable users to transfer crypto assets between the two networks without involving any third party. It promises to advance the Shiba ecosystem by allowing SHIB users to enjoy secure and seamless cross-chain transactions on the Shibarium platform.

Shibarium is the highly-anticipated layer-2 scalability solution of the Shiba Ecosystem, which is set to use BONE as its gas fee token.

In addition to this, data from market analytics firm Santiment revealed that both crypto sharks (investors with over 500 BTC or its equivalent in their accounts) and crypto dolphins (holders with holdings below the net worth of Whales) have been purchasing Shiba Inu at a swift pace over the past couple of months.

In less than eight weeks, the data highlighted that sharks and dolphins have purchased a "significant amount" of around $9 million worth of SHIB, boosting SHIB's performance to outshine other altcoins in the gloomy crypto market.

"Shiba Inu has been a surprise winner during the final hours of a particularly dull trading week. Shark & dolphin wallets holding 10M-100B $SHIB tokens have accumulated ~$9M in just under 8 weeks, a significant amount for the 14th ranked #crypto asset," Santiment said in a tweet.

With the rumored release date of Shibarium approaching fast, the Shib Army, consisting of fierce and loyal members of the Shiba Ecosystem, hopes that their favorite tokens, SHIB, BONE and even the DOGE Killer LEASH, would experience a price rally, with some wishing for these decentralized tokens to skyrocket in value.

As of 1:04 p.m. ET on Monday, SHIB was trading at $0.000008524, with a 24-hour trading volume down by 18% at $170,762,932, representing a 1.41% increase in the last 24 hours and an 11.18% increase over the past seven days.

Based on the latest data from CoinMarketCap, SHIB's total circulating supply stands at 589,346,914,631,298 SHIB, and its value is up by 1.38% with a market cap of $5,030,294,269.

Around the same time, BONE was trading at $1.5505, with a 24-hour trading volume up by 10.66% at $10,210,314, representing a 6.18% price surge over the past 24 hours and an 11.50% increase over the last seven days.

Based on the latest data from CoinMarketCap, BONE's total circulating supply stands at 229,923,351 BONE, and its value is up by 4.87% with a market cap of $355,501,637.