- Shiba Inu sees a 12% drop in 24 hours, underperforming Dogecoin and Pepe Coin.
- Shibarium, Shiba Inu’s Ethereum layer 2 solution, faces technical hiccups post-launch.
Turbulence in Meme Coin Market
In a day marked by upheavals in the crypto market, Shiba Inu stands out with a concerning 12% dip within just 24 hours. This pronounced decline places it amongst the worst-performing meme cryptocurrencies, especially when juxtaposed with Dogecoin and Pepe Coin, which saw more modest downturns.
The timing of this slump is noteworthy, considering it closely followed the introduction of the Shibarium – Shiba Inu’s eagerly anticipated Ethereum layer 2 solution. This solution, in blockchain terms, is designed to improve transaction speeds and reduce costs, acting as a scalability aid for the primary Ethereum blockchain. Yet, the celebration was short-lived.
Shibarium’s Rocky Debut
Mere hours post its launch, technical glitches started surfacing with the Shibarium bridge. This bridge, integral to the system, ensures seamless two-way transfers of assets with Ethereum. According to sources, an alleged screenshot highlighted that the block scanner of Shibarium was grappling with issues, making it impossible for users to probe their bridged balance using the Remote Procedure Call (RPC) interface – a protocol that allows a program to request a service from another program located in a network. Such malfunctions effectively blocked users from gaining insights or even accessing their token details within the Shibarium infrastructure.
While the Shibarium issues might have significantly impacted Shiba Inu’s performance, the broader crypto space wasn’t exempt from turmoil. Bitcoin, a bellwether for the crypto industry, experienced a notable drop, going below $26,000 for the first time in a span of two months. Factors contributing to this bearish sentiment included escalating global government bond yields, which touched a 15-year peak.
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Further amplifying market uncertainties were significant events like China’s Evergrande Group opting for Chapter 15 bankruptcy protection in New York. To add fuel to the fire, Elon Musk’s SpaceX saw a devaluation of its Bitcoin assets by a staggering $373 million.
With Shiba Inu trading at $0.000008368 at the moment of reporting, all eyes are on the meme coin space and the broader crypto market, awaiting stabilization and clarity on the way forward.
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