Shiba Inu (SHIB) Dips Significantly in 24 Hours; FUD or Something Else?

• SHIB and BONE tokens have experienced significant dips in the last 24 hours of 16 March.
• Issues with the Shibarium Layer 2 public testnet were brought to attention, causing tension within the community.
• As a result, both SHIB and BONE tokens have been on a downward trend since 15 March.

Shiba Inu (SHIB) Price Drop

The Shiba Inu (SHIB) and Bone (BONE) tokens have seen notable dips in price over the past 24 hours of 16 March. This is likely due to concerns that arose among members of the Shiba Inu community regarding issues with the Shibarium Layer 2 public testnet.

Issues With Shibarium Testnet

On 16 March, a prominent member of the Shiba Inu community raised questions about various problems with the Shibarium Layer 2 public testnet, igniting a discussion among project followers on its Discord page. The individual pointed out that Shibarium’s Chain ID was already being used by another blockchain, leading them to believe that it had taken its genesis file from Rinia’s testnet but neglected to change its chain ID. This prompted a response from Shytoshi Kusama, lead developer for Shiba Inu, which did little to ease any worries or alleviate growing tensions.

Price Trend

Prior to 15 March, SHIB had been increasing in value steadily; however, at market close on 15 March it had dropped 7.45%. As of this writing it has decreased an additional 1%. Its Relative Strength Index (RSI) line was above 40 due to its positive growth but has now fallen below this mark due to its decline in price over the past 24 hours. BONE appears to have taken an even larger hit than SHIB with a 13% drop as of this writing down to $1.20 from its closing price yesterday at $1.38 . RSI is approaching an oversold position as well due to this sharp decline in price while its market capitalization decreased by 17% and trading volume increased by 200%, according CoinMarketCap data..

Conclusion

It appears that there may be some FUD surrounding Shiba Inu’s current situation; however this has yet to be proven true or false given the lack of clarity surrounding the issue with Shibarium’s Layer 2 public testnet and their Chain ID confliction with another blockchain network’s genesis file usage. Regardless of what is causing these drops in prices for both SHIB and BONE it will be important for investors looking into these crypto assets to do their research before investing large amounts into either coins given their volatility as digital assets .

Key Takeaways

• SHIB and BONE tokens experienced significant dips in price in last 24 hours of 16 March due potential concerns regarding issues with Shibarium’s Layer 2 public testnet
• Prior to 15 March, SHIB had been increasing steadily but now has dropped 7-8% following discussion around potential discrepancies between Chain IDs used for different blockchains
• BONE took an even larger hit than SHIB with 13% decrease bringing its RSI line into oversold territory while volume trading volume increased by 200%, according CoinMarketCap data
• Investors should remain cautious when considering investing large amounts into either coin given their volatile nature