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$5 Million BONE Unstaked, Users Massively Leaving Shiba Inu Ecosystem

Thu, 03/16/2023 - 11:00
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Arman Shirinyan
$5 Million BONE tokens removed from staking contract following turmoil caused by drama around Shytoshi and Shibarium
$5 Million BONE Unstaked, Users Massively Leaving Shiba Inu Ecosystem
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The Shiba Inu ecosystem has been in turmoil recently, as $5 million worth of BONE tokens were unstaked from the staking contract, following a controversy surrounding Shibarium. The project has faced accusations of being nothing more than a copy or fork of the Rinia network. In response to these allegations, users demanded answers from Shytoshi Kusama, the pseudonymous figure behind the project. Kusama, however, denied all accusations.

Shibarium, an ambitious project within the Shiba Inu ecosystem, aimed at providing a decentralized blockchain platform to support various decentralized applications (dApps) and smart contracts.

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However, the recent revelation that the project might be a mere copy or fork of the Rinia network has caused significant unrest among investors and users. The community is concerned about the project's legitimacy, which has led to an exodus from the staking contract, with $5 million worth of BONE tokens being unstaked.

This lack of transparency and accountability has raised questions about the overall credibility of the project and its future prospects.

As a result, the Shiba Inu ecosystem has experienced a significant blow, with its native SHIB token losing 13% of its value. Investors and users appear to be reevaluating their involvement in the project, and market sentiment has taken a negative turn.

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The long-term impact of this drama on the Shiba Inu ecosystem remains to be seen. If the project's creators can address the concerns raised and provide a satisfactory explanation regarding the Shibarium project, it is possible that confidence in the ecosystem may be restored.

However, if the uncertainty continues and the project's leadership fails to address these issues effectively, the Shiba Inu ecosystem may struggle to regain its former momentum and could risk losing its position in the highly competitive cryptocurrency market.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.