Shibarium Code Issue Causes A 10% Drop in Shiba Inu coin
The value of Shiba Inu dropped to 10% after the Shibarium code issue
The debate surrounding the codebase of the future Shibarium blockchain caused, Shiba Inu to drop 10% over the last day. The much-anticipated Shibarium code made its layer 2 network beta version available. A blockchain that simulates real-world operation is called a beta testnet. A group of off-chain technologies (different blockchains) known as layer 2 are developed on top of layer 1 protocols to alleviate scale and data constraints. Shiba Inu coin dropped after the Shibarium code issue, on Thursday evening.
The excitement around the appearance, however, subsided on Thursday as Steve, a prominent Discord user from the Shiba Inu group, expressed some concern. Steve asserted that the multi-sig account was not wholly managed by different people and that the Shibarium beta testnet used the same Chain ID as an already-existing blockchain, Rinia. The community member said It appears Shibarium has grabbed the Rinia testnet genesis file, and altered the name, but forgot to modify the chain ID. The Rinia Testnet chain and the Shibarium chain share the same Chain ID, which is 917.
While Discord users quickly came up with their theories for the resemblance, some of them panic-sold the token, sending its price down 10%, the response from the Shibarium chain’s developers is much kinder. One of the developers, Kaaldhairya, tweeted: “Some chain IDs were picked arbitrarily – 417(Alpha), 517(Staging), and 917(pre-pod/beta), and all these chains were not registered somewhere at that moment. I committed a mistake by not double-checking when the puppynet network was established. According to a tweet from Kaaldhairya, the BETA network would soon be “redeploying a fresh version with a new chain ID.”
There has been controversy in the Shiba Inu meme coin over the transparency of the development team. According to Trophias, who was a part of the metaverse team working on Shibarium, they were kept in the dark about new information. Trophias claims that Shytoshi Kusama, the chief developer of Shibarium, sacked them; however, another team member claims that this is untrue. Trophias asserts that Shytoshi misled the entire crew and forbade communication.
Although having solid fundamentals, Shiba Inu could experience additional drops in the days to come making a huge difference in the cryptocurrency market. Because several fresh altcoins and presale tokens are currently showing some actual promise, traders may want to search elsewhere for significant returns.
The Market-Value-to-Realized-Value ratio can be used to determine the price trajectory for SHIB. According to the data below, most cryptocurrency buyers of the SHIB within the last 30 days would suffer a 15% loss if they decided to sell today. SHIB holders may continue selling until the price comes down to $0.00000955, or around the 22% loss range, according to historical purchase and sell tendencies. More declines might occur to $0.00000852, the next key comeback mark at the 35% loss line, if this does not hold.
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