Connect with us
Active Currencies 14281
Market Cap $2,486,732,664,654.60
Bitcoin Share 51.98%
24h Market Cap Change $-0.70

Shiba Inu: Why Shibarium’s launch failed to turn things around

2min Read

Shibarium’s launch, though highly anticipated, did not bode well for the Shiba Inu ecosystem, as prices of SHIB, BONE, and LEASH have continued to fall. 

This is how Shiba Inu ecosystem is reacting to Shibarium launch 

Share this article

  • Shibarium witnessed a massive number of transactions after its launch.
  • SHIB, BONE, and LEASH have not done well since Shibarium’s launch. 

After months of waiting, Shiba Inu’s [SHIB] much-hyped Shibarium was launched on 16 August. However, the launch did not go as expected, as SHIB’s price dropped sharply. In fact, Shibarium’s hype was not reflected on the memecoin’s chart even a day after its launch. 


Read Shiba Inu’s [SHIB] Price Prediction 2023-24


Shibarium launch did not go as planned

The Ethereum [ETH] Layer-2 (L2) solution was unveiled following the testnet’s launch several months ago. Shibarium’s USP lies in the fact that it uses a new consensus mechanism called Proof-of-Participation (PoP), which selects validators based on their cryptocurrency holdings.

However, soon after its launch, rumors started circulating regarding issues with the bridge, causing technical difficulties. But the team soon posted a blog, putting an end to the rumors. It affirmed that the issues were a result of the massive influx of transactions and users around the time when Shibarium went live.

However, the increased number of transactions did not affect Shiba Inu’s price. Over the last week, the token’s price dropped by more than 15%. In fact, in just the last 24 hours, SHIB’s value plummeted by over 7%.

At press time, it was trading at $0.000008434 with a market capitalization of more than $4 billion.

As per CryptoQuant, SHIB’s net deposits on exchanges were high compared to the last seven-day average, suggesting it was under selling pressure. Moreover, Shiba Inu’s trading volume increased while its price dropped.

However, whales were still interested in SHIB at press time, as it remained the most-traded token among the top 100 ETH whales in the last 24 hours. 

Source: Santiment


Is your portfolio green? Check the Shiba Inu Profit Calculator   


The Shiba Inu ecosystem is underperforming

Tokens like Bone ShibaSwap [BONE] and Doge Killer [LEASH] have suffered since the launch of Shibarium as well. As per CoinMarketCap, BONE’s price declined by over 27% last week. LEASH’s fate was also similar, as its price plummeted by over 20%.

The launch did help boost BONE’s popularity, however, as evident from the rise in its social volume. Regardless, the dip in BONE’s weighted sentiment of late revealed that negative sentiment around the token dominated the market. 

Source: Santiment

Share

Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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.