Shiba inu slips to more than 7% on Wednesday due to claims that Shibarium's chain ID is copied from a blockchain named Rinia.
A recent accusation made by Steve, a member of the Shiba Inu growth team, has sent shockwaves through the community and also affected experts’ Shiba Inu price prediction. Shibarium, a Layer-2 solution for the Shiba Inu cryptocurrency, has been accused of being a clone due to the discovery that its testnet shares the same chain ID as Rinia's testnet.
According to Steve, it appears that Shibarium simply took Rinia's testnet genesis file and forgot to change the Chain ID. Rinia has been live and owned that chain ID since February. This has raised concerns within the community about Shibarium's legitimacy and whether it has intentionally or inadvertently copied Rinia's work.
Steve's doubts also extend to whether Shibarium could have obtained the Chain ID from Rinia's testnet without the knowledge of Rinia's developer. The accusation has sparked heated debates on the official Discord channel of the project and caused turmoil within the community.
The incident started when Twitter user 'Rancune' accused Shibarium of being a "ripped chain from Rinia." Rinia is a blockchain that is used to create decentralized applications.
As the news circulated, Shiba Inu prices fell more than 7% in a day which shredded most of the market gains at the time. Shiba Inu price prediction enthusiasts are now keeping a close eye on the situation, with some speculating that the controversy could further impact the already volatile Shiba Inu market.
Shiba Inu is now trading at $0.000010 USD with a 24-hour trading volume of $391,582,909 USD. Shiba Inu has decreased by 7.88% in the previous 24 hours. SHIB is currently ranked 13 on CoinMarketCap, with a market cap of $6,130,094,736 USD. The circulation supply is 589,546,780,164,120 SHIB coins, and the maximum supply is not known.
In a 1-Day chart, the analysis seems a bit tricky as SHIB is making a sin curve-like pattern which is quite surprising. The curve is resonating with the 50-day moving average line also. Due to this it could be predicted that the price chart is following a curvy path which is going downwards right now.
If the price follows the same path as expected without any bigger breach to the upper resistance ($0.00001144) and lower support ($0.00001050), prices could go up to $0.00001180 which was recorded on Monday.
14 Day-RSI is at 39 which indicates that the token is recovering from the bear market. The RSI is about to go into a transition phase to leave the oversold region and go to the neutral and then buy the market.
Meme crypto market has been experiencing a significant downturn in recent months due to a variety of factors.
In addition to this, the meme crypto market has also been impacted by a lack of adoption and use cases for these cryptocurrencies.
While they may be popular among certain segments of the crypto community, many investors and traders are still sceptical of the long-term potential of meme coins.
Furthermore, the total market cap of the meme crypto market is relatively small compared to other sectors of the cryptocurrency market. This low market cap makes the meme crypto market more susceptible to fluctuations and volatility, as even small changes in demand can have a significant impact on prices.
CoinMarketCap data shows that the total market cap of the major meme cryptos has been down to 4% in recent days and stands at a mere $16.927 Billion with low transaction volume.
Overall, the meme crypto market is now suffering a number of issues, and investors and traders should proceed with care while investing in these cryptocurrencies. While they may provide short-term returns and entertainment value, they do not come without risk and should be treated with caution and a smart investing plan.
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