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Shiba Inu (SHIB) Down 8%, BONE Dips 18% as New Drama Ensues in Community

Thu, 03/16/2023 - 11:34
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Tomiwabold Olajide
Shibarium concerns may well have contributed to declines
Shiba Inu (SHIB) Down 8%, BONE Dips 18% as New Drama Ensues in Community
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The price of the Shiba Inu (SHIB) token and BoneShibaSwap (BONE) took a hit on March 16 amid the drama surrounding the codebase of the upcoming Shibarium Layer 2 protocol.

As reported, the early beta test of the Shibarium network, called "PUPPYNET," launched over the weekend.

At the time of writing, SHIB was down 7% in the last 24 hours at $0.0000104, while BONE was down 16.23% in the last 24 hours at $1.24.

Shiba Inu Price Drops 24% Within a Week as Death Cross Forms

Shibarium concerns may well have contributed to the decline in the price of Shiba Inu tokens, even though higher-than-usual market volatility hurt bulls and bears alike as crypto futures racked up over $219 million in liquidations over 24 hours.

New drama in community

The drama began when a Discord channel member pointed out that the Shibarium chain shared the same Chain ID as the Rinia Testnet chain, 917.

There were also accusations of manipulations and silencing, which led to Youtuber Ben Armstrong promising to dox the unknown SHIB founder.

A Shiba Inu-focused Twitter account, LucieSHIB, posted a thread of screenshots that highlighted Shiba Inu lead developer Shytoshi Kusama's response to all the allegations and Shibarium concerns, which he dismissed as FUD.

New beta network version to be redeployed

Shiba Inu developer Kaal Dhairya has thrown light on allegations about the Shibarium codebase: "Dispelling some FUD ever since we did the Alpha network deployment, a few chain IDs were picked randomly: 417 (Alpha), 517 (Staging), and 917 (Pre-Pod or Beta) and these chains were not registered anywhere at that time, I made a mistake not to recheck when the puppynet network was launched."

He added, "Without getting into any fist fights, I will be redeploying new version of BETA network with a new chain ID. Fresh deployments will be rare in the future but are possible because we will still be in BETA phase. I wish good luck to the blockchain and hope we can all work together."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.