Connect with us
Active Currencies 14712
Market Cap $2,669,291,483,938.26
Bitcoin Share 51.46%
24h Market Cap Change $4.23

Shiba Inu reacts as concerns over Shibarium arise within the community

3min Read

Share this article

  • SHIB and BONE tokens have dipped significantly in the last 24 hours of 16 March.
  • Shiba Inu (SHIB) supply on exchanges, however, has remained stable.

The Shibarium public testnet eventually went live a few days ago after a protracted wait for the launch from the Shiba team. 

The community was excited, and SHIBA and BONE, its tokens, caught the community’s enthusiasm. The SHIB and BONE tokens, however, appeared to have responded to what appeared to be some disturbance in the Shibarium paradise.

Read Shiba Inu [SHIB] Price Prediction 2023-24

Shibarium layer on another layer?

On 16 March, a prominent member of the Shiba Inu community brought attention to various issues with the Shibarium Layer 2 public testnet, setting fire to the project’s official Discord page

The concerned community member pointed out that Shibarium’s Chain ID was already in use by another blockchain. He continued by saying it appeared that the Shibarium testnet had taken the genesis file from the Rinia testnet and renamed themselves Shibarium but neglected to alter the chain ID.

Sure enough, the post got a lot of attention, prompting a response from Shytoshi Kusama, the lead developer of Shiba Inu. 

Shytoshi’s statement did little to alleviate the mounting tension because it failed to address the heart of the situation. As a result, the SHIB and BONE tokens were on a downward trend in the last 24 hours.

Shiba Inu and BONE’s current price trend

Until 15 March, Shiba Inu [SHIB] was on an upward trend. SHIB lost 7.45% of its value as of the 15 March market closing. 

As of this writing, it was down by over 1%. The relative Strength Index (RSI) was above 40 due to the excellent price trend but was now below it due to the over 7% decrease. In the end, the RSI’s position suggested that it was still in the bear trend that it had been on for some time.

Source: TradingView

One look at BONE’s daily timeframe chart suggested that it had been affected harder than average. 

As of this writing, its price dropped by over 13% to roughly $1.2. As of the market’s close on 15 March, it had dropped 6.67%, bringing its 24-hour loss to more than 11%. 

Due to its decline, the RSI line also moved lower and was approaching the oversold zone, at press time. 

The market capitalization of BONE decreased by over 17% in the previous 24 hours, while the volume increased by over 200%, as reported by CoinMarketCap.

Source: TradingView

Shiba Inu FUD?

Shiba Inu’s (SHIB) price is falling, but there isn’t a developing FUD yet. Santiment data showed that the supply on exchanges remained unchanged, indicating no appreciable inflow to exchanges. As of this writing, the supply exchange metric was about 132.5 trillion.

Source: Santiment

How much are 1,10,100 SHIBs worth today

Shytoshi Kusama may need to elaborate on the testnet ID situation in the next few days. Lack of it could harm a project that has yet to launch entirely and the tokens associated with that project.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.