Crypto Market Shifts: SHIB's Plunge, Max Keiser’s Bitcoin Reversal, and BONE's Surge

SHIB's Unexpected Price Plunge

Shiba Inu (SHIB) experienced a significant price drop following the much-anticipated launch of Shibarium. Contrary to expectations, SHIB's value fell to $0.000008575. This decline was attributed to operational issues on the Shib Mainnet RPC website, causing transaction delays on Shibarium. Additionally, concerns arose over $1.7 million in ETH locked within the Shibarium cross-chain bridge. An unverified message from Shiba Inu's lead, allegedly admitting to issues with the ETH bridge, further fueled community uncertainty.

Max Keiser's Unexpected Bitcoin Reversal

Max Keiser, a prominent Bitcoin evangelist and advisor to the El Salvadoran president, shocked the crypto community with a bearish outlook on Bitcoin. Keiser highlighted the impact of rising 10-year U.S. Treasury yields, which have reached their highest since 2008, on the crypto market. He warned that these increasing rates could challenge Bitcoin's price, marking a significant departure from his previous bullish predictions of Bitcoin reaching up to $1 million.

BONE's On-Chain Activity Surge

The launch of Shibarium has led to a remarkable 200% surge in on-chain metrics for Shiba Inu's BONE token. Data indicates a spike in transaction volume from 3.5 million to 7.38 million BONE within 24 hours. Notably, addresses holding at least 0.1% of the total supply experienced significant outflows, exceeding inflows by 2.1%. While the surge in BONE's on-chain activity is impressive, the long-term implications of Shibarium's introduction remain to be seen.

These developments highlight the volatility and dynamic nature of the cryptocurrency market, influencing investor sentiment and market trends.