Cardano (ADA) has struggled to maintain $1 as support, facing resistance that led to a sharp 9% decline in the last 24 hours. Despite this downturn, traders appear increasingly bullish.
With ADA currently trading at $0.80, the recent price action has sparked optimism, opening the door for a potential recovery.
Cardano Enthusiasts Are Certain Of Recovery
Cardano’s funding rate is on the verge of turning positive after nearly a week in the negative zone. This shift indicates a potential change in trader sentiment.
When the funding rate is negative, short sellers dominate, showing bearish sentiment. However, as the rate moves toward positive territory, it suggests traders are now placing more long contracts than short, signaling confidence in a price rebound.
The shift in sentiment follows ADA’s price drop to $0.80, allowing traders to enter positions at lower levels. Many now anticipate an uptrend, believing the cryptocurrency’s recovery is imminent.
One key metric supporting Cardano’s potential recovery is the Market Value to Realized Value (MVRV) Long/Short Difference, currently at 23%. This metric assesses the profitability of long-term holders (LTHs) versus short-term traders.
A positive value indicates LTHs are sitting in profits, reinforcing market stability.
Long-term holders often act as the backbone of an asset, and their profitability supports overall market health. As these investors see their positions return to profit, they are less likely to sell, reducing downward pressure on ADA’s price.
Cardano’s price fell by 16.8% over the past 48 hours, struggling to breach the $0.99 resistance level. This sharp decline pushed ADA to its current trading price of $0.80, leaving traders assessing potential recovery scenarios.
Despite the drop, Cardano has maintained support above $0.77, suggesting a possible bounce. If the funding rate flips positive and macro momentum remains strong, ADA could reclaim $0.85 as support.
A successful flip would enable Cardano to retest $0.99 and potentially establish $1.00 as a new support level.
However, risks remain. If broader market conditions deteriorate, ADA could lose its footing above $0.77. A break below this level would invalidate the bullish outlook, exposing Cardano to a further decline towards $0.70.
Following years of anticipation, Shiba Inu’s Layer-2 (L2) solution Shibarium launched on August 16, 2023. Despite being designed to bring speed, scalability, and reduced costs to SHIB holders, network data shows that Shibarium’s daily activity has significantly lagged behind competing L2 networks like Base, Arbitrum, and Optimism.
This piece looks at how Shibarium has performed this year and what its slow growth means for the wider Shiba Inu ecosystem, especially for BONE, the token that powers Shibarium, and SHIB itself.
Shibarium’s User Engagement Falters After Meme Market Rally
According to Shibariumscan, Shiba Inu’s L2 network had an unimpressive start to the year. In the first quarter of 2025, daily active addresses on the network were relatively low, showing little user engagement.
It was not until April that activity began to pick up on Shibarium. This spike in network usage was driven by the surge in meme coin activity across the broader crypto market.
For context, between April 10 and May 10, the meme coin market capitalization rose 56% as demand for these assets rocketed.
Riding that wave, Shibarium saw a surge in activity, peaking at over 21,000 daily active addresses on May 12, its year-to-date high. However, this momentum did not last.
As the meme coin market mania began to fade in late May, user activity on Shibarium also declined. By June 5, the number of daily active addresses had fallen to around 9,000—a drop of more than 55% in just three weeks.
Shibarium Daily Active Accounts. Source: Shibariumscan
Why Shiba Inu’s Layer-2 Network Is Falling Behind Other L2s
This pattern of user activity on Shibarium suggests a lack of sustained utility or use cases that keep users engaged beyond speculative trading.
In an exclusive interview with BeInCrypto, Dominick John, an analyst at Kronos Research, noted that while Shibarium experiences “bursts of community-driven activity,” it still lags behind other Layer-2 networks like Base, Arbitrum, and Optimism.
“Those networks benefit from robust ecosystems and composability in DEFI beyond the memecoin hype. For Shibarium to stand out, it must evolve and cultivate a unique DeFi ecosystem that delivers long-term value,” John explained.
According to John, Shibarium’s muted growth “reflects project-specific hurdles, limited dApp adoption, ecosystem fragmentation, and fierce L2 competition more than meme-token fatigue.”
On-chain data from DefiLlama confirms this narrative. Currently, Shibarium hosts just 18 decentralized finance (DeFi) projects— a stark contrast to more established Layer-2s like Base and Arbitrum, which support 549 and 741 projects, respectively.
Lynn C., SONEX’s CMO, echoes the same sentiment. Lynn acknowledges that meme-token fatigue may be partially responsible for Shibarium’s slow adoption, but emphasizes that much of the challenge lies in project-specific scaling strategies.
“On one hand, there is certainly meme-token fatigue in the market as users look for more utility-driven projects. On the other hand, Shibarium’s growth challenges may be specific to how the network is structured and its approach to scaling. There’s no one-size-fits-all solution, and different projects take different paths toward growth,” she said.
Despite its challenges, Shibarium has introduced utility benefits to the Shiba Inu ecosystem. John noted, “Shibarium has strengthened the Shiba Inu ecosystem by enabling cheaper transactions, supporting SHIB burns, and giving BONE real utility.”
For Lynn, the L2 “has added an important component to the Shiba Inu ecosystem by offering a Layer-2 network that promises to scale transactions and reduce costs.”
BONE Token Struggles Amid Shibarium’s Slow Adoption
BONE serves as the primary gas token, facilitating transactions and enabling users to interact on Shibarium. With fewer transactions taking place on the L2, the practical need for BONE as gas has diminished. This lack of on-chain utility has impacted the token’s market performance, falling 38% YTD.
John echoed this concern, stating that, “from a market-making perspective, token utility needs to translate into recurring on-chain demand and transactional velocity. At this stage, BONE demonstrates some early use cases, but it has yet to establish consistent capital retention across the ecosystem.”
On the other hand, Lynn holds a more cautiously optimistic view of BONE. In her words:
“BONE has certainly played a role within the Shiba Inu ecosystem, but like many tokens, it’s still working on building its utility beyond speculative trading. It’s common for newer tokens to find their footing as they grow and develop more use cases. The demand for tokens like BONE will evolve as the ecosystem matures and as more opportunities for real utility emerge.”
For the SHIB meme coin, Shibarium’s lackluster performance also has its impacts.
“If Shibarium fails to scale meaningfully, SHIB holders face several risks: reduced utility due to low transaction volume and limited dApp adoption, weaker SHIB burn rates, and stagnating token value,” John added.
Lynn, on the other hand, struck a slightly more optimistic tone. According to her:
“If Shibarium doesn’t scale, it could slow down the momentum of the broader Shiba Inu ecosystem, especially in terms of user adoption and network effects. However, it’s important to remember that blockchain and DeFi projects face various challenges as they grow, and Shibarium’s trajectory will likely continue to evolve as the team adapts to feedback and market needs.”
Pi Network will mark its annual Pi2Day event on June 28, 2025, amid heightened speculation around ecosystem progress and potential exchange listings. The date, stylized as 6.28, doubles the symbolic Pi Day (3.14) and serves as a checkpoint for network development.
This year, the event centers around the launch of a KYC sync feature, renewed ecosystem engagement, and broader expectations for Mainnet migration.
What is Pi2Day?
Pi2Day is Pi Network’s mid-year celebration, held annually on June 28. The date references the mathematical constant Pi (π ≈ 3.14) and its multiple (2π ≈ 6.28).
The event allows the Core Team to highlight ecosystem updates, user growth, and infrastructure milestones. It also serves to rally its global user base, now numbering over 47 million participants.
The most significant development ahead of Pi2Day is the release of a new Know Your Customer (KYC) sync feature. This update connects Pi Browser and the main Pi App, allowing users to reconcile identity verification data.
The feature has been rolled out gradually. Many users report updates to their status within 48 hours of sync.
The .pi Domains Auction continues to see strong engagement across the Pi ecosystem. Recent updates include a new statistics page showing domains with the most bids, highest price, and recent trending bids. https://t.co/yD13KYexu7
The Auction is also now a Pi app instead of being…
This year’s Pi2Day arrives at a critical time for Pi Network. The project has faced growing pressure to deliver on ecosystem promises.
Since Open Mainnet launched, dozens of dApps, the .pi domain system, and events like PiFest have emerged. New updates could drive usage even further.
A successful rollout of the KYC sync tool would bring more users into the network’s functional phase. This would improve validator distribution and increase application testing.
Additionally, the community anticipates announcements around new applications or developer tools. Any signs of real-world utility could shift the narrative from speculative mining to actual use.
#PiNetworkLatest announcement:@PiCoreTeam It’s been over 100 days since the launch of Open Network! Since then, Pi’s ecosystem has continued to grow and expand. In addition to launching the Pi Network Ventures development initiative which strategically invests in startups and… pic.twitter.com/qTeWYPJACO
After June 28, attention will shift to how many users complete KYC and migrate to Mainnet. This number directly impacts decentralization and transaction capacity.
Ecosystem developers may also begin rolling out new dApps or integrations, especially if the Core Team signals greenlights during the Pi2Day broadcast or blog updates.
Also, the Core Team may provide updated timelines for future features or governance.
Will Pi’s Price Be Impacted?
Pi’s price has hovered around $0.53–$0.56. The altcoin has dropped over 35% in the past week, and buying pressure is currently near an all-time low.
If Pi2Day triggers increased ecosystem activity, it may drive higher perceived value. A new exchange listing, if it happens, would introduce price discovery and liquidity.
Conversely, a lack of major updates could lead to community disappointment and selloffs on unofficial platforms.
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