July 24, 2024
Blockchain News

Shiba Inu Reacts as Concerns Over Shibarium Arise Within the Community

After a lengthy wait from the Shiba team, the Shibarium public testnet finally went online a few days ago. The community was ecstatic, and its tokens, SHIBA and BONE, mirrored that excitement. The SHIB and BONE tokens, on the other hand, appeared to have responded to a disturbance in the Shibarium paradise.

On March 16, a prominent member of the Shiba Inu community raised concerns about several flaws with the Shibarium Layer 2 public testnet, causing the project’s official Discord page to catch fire.

Shibarium’s Chain ID was already in use by another blockchain, according to a worried community member. He went on to note that it looked that the Shibarium testnet had grabbed the genesis file from the Rinia testnet and renamed itself Shibarium, but had forgotten to change the chain ID.

The post received a lot of attention, prompting a response from Shiba Inu’s chief developer, Shytoshi Kusama.

Shytoshi’s statement did little to relieve the rising anxiety since it failed to address the underlying issue. As a result, the SHIB and BONE tokens have been declining in value over the previous 24 hours. Shiba Inu [SHIB] was on the rise until March 15th. SHIB had lost 7.45% of its value as of the market close on March 15th.

It was down by more than 1% as of this writing. The relative Strength Index (RSI) was over 40 owing to the great price movement, but it is currently below it due to the more than 7% drop. Finally, the RSI’s position indicated that it was still in the bear trend that it has been in for a while.

BONE’s daily timeframe chart revealed that it had been hit harder than usual. As of this writing, the price had decreased by more than 13% to around $1.2. It had plummeted 6.67% as of the market’s closure on March 15, extending its 24-hour loss to more over 11%.

Because of its decrease, the RSI line has also moved lower and was approaching the oversold zone at the time of publication. According to CoinMarketCap, the market capitalization of BONE fell by more than 17% in the past 24 hours, while the volume grew by more than 200%. Shiba Inu (SHIB) prices are declining, but there is no growing FUD. According to Santiment statistics, the supply on exchanges remained steady, indicating no significant influx to exchanges. The supply exchange metric was around 132.5 trillion at the time of writing.

In the next days, Shytoshi Kusama may need to clarify on the testnet ID problem. Its absence might hurt a project that has yet to debut completely, as well as the tokens linked with that project.