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Shiba Inu (SHIB) Sees Spike in This Area Amid Broad Sell-off

Thu, 08/17/2023 - 16:02
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Godfrey Benjamin
Shiba Inu hangs onto its core growth metric that is still green
Shiba Inu (SHIB) Sees Spike in This Area Amid Broad Sell-off
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What was supposed to be a celebration day for the broader Shiba Inu (SHIB) ecosystem turned out to be gloomy when the price action in the ecosystem is factored in. Amid these slumps however, data from crypto analytics platform IntoTheBlock (ITB) reveals that while most SHIB metrics are in the red today, its Daily Active User (DAU) count has maintained a strong upshot of 37.73% to 8,210.

4.7 Trillion SHIB Moved to Brand New Wallet as New Whale Emerges

Dampened sentiment fueled by the near-fatal launch of the Shibarium protocol, coupled with the broader market sentiment, have largely fueled an underperformance of SHIB and the rest of the tokens within the Shiba Inu ecosystem. While SHIB is down by 9.08% to $0.000008726, Bone ShibaSwap (BONE) has plunged as much as 11.09% to $1.27.

Even though normalcy appears to be returning to the market at the time of writing, as seen through small gains in some top tokens, SHIB-based tokens like Doge Killer (LEASH) remain unmoved, sliding as steep as 19% to $452.10.

Though Shiba Inu can capitalize on any newly introduced market momentum to upturn its negative price outlook, the actions of core developers like Shytoshi Kusama in resolving the current strain in the Shibarium ecosystem are crucial.

Moving ahead

The glitch Shibarium suffered today derailed quite a number of accomplishments as it is supposed to be the first full one-day anniversary of the scaling solution's mainnet launch.

Possible Dark Side of Shibarium Revealed by SHIB Influencer, Beware

Per earlier reports, the protocol failed to record any transactions for more than six hours, and users were advised to temporarily abandon the scaling solution. Kusama has come out to reassure the community that there is no challenge with the Shibarium bridge, adding that users who have funds locked on the protocol should be calm as their funds are safe.

Shiba Inu is undergoing one of its biggest stress tests at launch as it should survive the current strain, then moving forward can be properly planned by the team.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.