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Key Reason for SHIB's Plunge After Shibarium's Launch, Max Keiser Makes U-Turn from BTC Bull to Bear, Shibarium Triggers 200% On-Chain Spike for BONE: Crypto News Digest by U.Today

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Fri, 18/08/2023 - 15:51
Key Reason for SHIB's Plunge After Shibarium's Launch, Max Keiser Makes U-Turn from BTC Bull to Bear, Shibarium Triggers 200% On-Chain Spike for BONE: Crypto News Digest by U.Today
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Take a look at what's happening in the world of crypto by reading U.Today's top three news stories.

Key reason behind SHIB's sudden plunge after Shibarium's launch

Unfortunately for SHIB enthusiasts, the price of their favorite token has not seen an anticipated increase on the wave of the Shibarium launch hype; moreover, it even added the fifth zero, dropping to as low as $0.000008575, per CoinMarketCap. SHIB's plunge was caused by several reasons, with one of them being the Shib Mainnet RPC website currently being down, and transactions on Shibarium being stuck in a pending state. This raised concerns within the SHIB community, considering $1.7 million in ETH locked in the Shibarium cross-chain bridge. Another reason is an unverified message allegedly from Shiba Inu lead Shytoshi Kusama circulating on social media. The message reads "We f**ked up hard. We cannot even recover ETH bridge," which added to the rising uncertainty among crypto supporters.

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Max Keiser makes shocking U-turn from Bitcoin bull to bear, here's why

Yesterday, Max Keiser, Bitcoin evangelist and advisor to the El Salvadoran president, surprised BTC supporters with his bearish stance on the leading cryptocurrency. In a recent post on X platform, Keiser responded to the news on rising yields on 10-year U.S. Treasuries, which are now reaching their highest levels since 2008. The BTC evangelist expressed his concerns about the impact of these surging rates on the crypto market, writing, "Rising rates will continue to challenge the Bitcoin price as more capital flows into high-yielding instruments." Keiser's statement seemed bearish, which is unusual for a fervent proponent of BTC maximalism and contradicts his past predictions of Bitcoin hitting price levels ranging from $220,000 to $1 million.

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Epic Shibarium launch triggers jaw-dropping 200% on-chain surge for Shiba Inu's BONE

According to data revealed by IntoTheBlock, in just 24 hours after Shibarium launch, BONE's on-chain activity surged to impressive new heights. The data shows that the token's on-chain metrics have increased by an astonishing 200%, with BONE's transaction volume spiking from 3.5 million to 7.38 million BONE. Notably, a remarkable influx of activity has been witnessed on addresses that harbor at least 0.1% of the total supply. However, at the same time, these addresses saw significant outflows, totaling 6.78 million BONE. This outflow surpasses inflows by a margin of 2.1%. Even though this surge in on-chain metrics following Shibarium's launch appears to be tempting, we are yet to see the full extent of implications of the Layer 2 solution's arrival.

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