• Shibarium’s launch, though highly anticipated, was not as successful as hoped for and resulted in SHIB, BONE, and LEASH prices continuing to fall.
• Shibarium’s USP lies in its Proof-of-Participation consensus mechanism but the launch was hindered by technical difficulties due to high influx of users.
• SHIB’s price has dropped by more than 15%, while BONE and LEASH have also declined significantly.
Shibarium’s Launch
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. The Ethereum Layer-2 (L2) solution was unveiled following the testnet’s launch several months ago with a unique Proof-of-Participation (PoP) consensus mechanism which selects validators based on their cryptocurrency holdings. However after launch rumors started circulating regarding issues with the bridge leading to technical difficulties before being put to rest by the team.
Price Drops
SHIB’s price has dropped by more than 15% since Shibarium’s launch while BONE and LEASH have also declined significantly. At press time it was trading at $0.000008434 with a market capitalization of more than $4 billion according to CryptoQuant who reported that 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 indicating that whales were still interested in SHIB despite its decreased value over the past week.
Rumors & Technical Difficulties
Soon after its launch rumors started circulating regarding issues with the bridge causing technical difficulties however these were soon addressed by the team on their blog who attributed it to a massive influx of transactions and users around when Shibarium went live.
Whale Activity
Despite all this activity surrounding Shibarium whale activity remains strong as it remains one of the most traded tokens among top 100 ETH whales in recent days according to Santiment data.
Conclusion
Overall Shiba Inu token values have been declining since Shibarium’s launch resulting in accumulation pressure on exchanges which may be hindering any potential growth in value or adoption rate despite strong interest from whales indicated through trading volumes across tokens like SHIB, BONE and LEASH .
