Shiba Inu: Why the launch of Shibarium failed to turn things around

  • Shaparium has seen a huge number of transactions since its launch.
  • SHIB, BONE, and LEASH haven’t worked so well since Shibarium launched.

After months of waiting, Shiba Inu (sheep) The highly popular Shibarium was launched on August 16th. However, the launch did not go as expected, as the price of SHIB fell sharply. In fact, the chiparium hype was not reflected on the memecoin chart even one day after its launch.

is reading Shiba Inu (SHIB) Price Prediction 2023-24

Shiparium did not launch as planned

The Ethereum (ETH) Layer-2 (L2) solution was revealed after a testnet was launched several months ago. cheparium USP lies in the fact that it It uses a new consensus mechanism called Proof of Participation (PoP), which selects validators based on their cryptocurrency holdings.

However, shortly after its launch, rumors began circulating about problems with the bridge, causing technical difficulties. But the team quickly posted a dossier BlogAnd put an end to the rumors. It asserted that the problems were the result of the massive influx of transactions and users around the time Shibarium was launched.

However, the increase in the number of transactions did not affect the price of the Shiba Inu. Over the past week, the token’s price has fallen by more than 15%. In fact, in the past 24 hours alone, the value of SHIB has fallen by more than 7%.

At the time of publication, it was commerce at 0.000008434 USD with a market capitalization of over 4 billion USD.

according CryptoQuantAnd GrayingNet deposits on the exchanges were higher compared to the average of the past seven days, indicating that they were under selling pressure. Moreover, the Shiba Inu’s trading volume has increased while its price has decreased.

However, the Whales were still interested in SHIB at the time of publication, as they remained The most traded token Among the top 100 ETH whales in the last 24 hours.

Source: Santiment

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The performance of the Shiba Inu ecosystem is poor

Icons like bone shiba And Dougie Killer (LEASH) It has struggled since the launch of Shibarium as well. according CoinMarketCapBONE price fell by more than 27% last week. LEASH’s fate was similar as well, with its price dropping by more than 20%.

The launch helped boost BONE’s popularity, as evidenced by its high social profile. Regardless, the recent decline in BONE-weighted sentiment shows that negative sentiment around the token has dominated the market.

Source: Santiment

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