Bone

Discord

Shiba Inu

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Shiba Inu’s price is showing a bearish trend in the last 24 hours.</a> </li> 
 <li> <span>2</span> <a>The recent downside trend was reportedly due to the bridging issue on the Shibarium network.</a> </li> 
</ul> 
<p>Shiba Inu (SHIB) token dropped over 8% in one day, as users widely reported bridging issues after the new Layer 2 service, Shibarium Network, went live on August 16, 2023, Wednesday. According to Blockchain data, transactions on the network were stalled for nearly five hours as of the time of writing.</p> 
<h2 class="wp-block-heading" id="strong-shiba-inu-price-drop-due-to-network-issue-strong"><strong>Shiba Inu Price Drop Due to Network Issue</strong></h2> 
<p>As per the media report, “the users had transferred 954 ether (ETH), worth $1.7 Million, and $750,000 worth of bone (BONE), a Shibarium governance token, to the contract. The users were blocked from sending messages on a community forum on Discord shortly after initial reports of the issues started,” as a media outlet confirmed.</p> 
<p>Notably, bridges are blockchain-based tools that transfer tokens between different networks. Meanwhile, these remain one of the most important parts of the crypto market.</p> 
<p>Moreover, the apparent faulty launch of Shibarium stutters what was supposed to be a new way to a vibrant and cheap network. Notably, the network is part of a broader plan to position Shiba Inu as a serious blockchain project, away from the meme coin status it has enjoyed since its August 2020 issuance.</p> 
<p>The Shibarium Network joins an increasingly crowded blockchain landscape whereas there are nearly 50 other networks hoping to lure users with low fees to an ecosystem focused mainly on financial services and gaming.</p> 
<p>It must be noted that “the network utilizes Bone (BONE), SHIB, and leash (LEASH) tokens for applications built on the blockchain. It is also said to have a focus on <a href="https://www.thecoinrepublic.com/2023/07/19/ripple-labs-invests-in-ai-metaverse-startup-futureverse/" target="_blank" rel="noopener noreferrer nofollow">metaverse </a>and gaming applications.”</p> 
<p>However, at press time, SHIB, BONE, and LEASH tokens are down in the past 24 hours. Bone dropped over 15% while LEASH fell nearly 20% as CMC data shows.</p> 
<h2 class="wp-block-heading" id="strong-shiba-inu-price-analysis-strong"><strong>Shiba Inu Price Analysis</strong></h2> 
<p>According to CoinMarketCap (CMC), at press time, Shiba Inu’s price today is $0.000009 with a 24-hour trading volume of $423.43 Million. Shiba Inu is down 8.08% in the last 24 hours. It’s ranking at 14th position while having a current market cap of $5.36 Billion. In the recent 24 hours, the SHIB token was low at $0.000009 while the high was at $0.00000992.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter is-resized"> 
  <img decoding="async" loading="lazy" src="https://lh3.googleusercontent.com/Z_phGnLzmFN8_GVmfdTLg0h3BEhod794yZwjnEwra0bVuSu3eVGSxWFnFclb6T89kFbg0fhWaaGkteUurL7gKSnkJVi6mAfEq_qZA2Yn3rMsvahaGbZHlaBfBQ5k7fsCq0cZekM2o8c_n13S9E7y6A" alt="Is Shibarium Bridge Issue Pushing Shiba Inu’s Price Downwards?" style="width: 100%;height:544px" width="902" height="544"> 
  <figcaption class="wp-element-caption"> <strong>Source: SHIB/USD by CMC</strong> 
  </figcaption> 
 </figure> 
</div> 
<p>As the above price chart shows, a bearish trend is followed by the<a href="https://www.thecoinrepublic.com/2023/08/14/shiba-inu-lead-developer-wrote-for-leash-token-holders-on-a-post/" target="_blank" rel="noopener noreferrer nofollow"> SHIB token</a>. Meanwhile, in the last seven days, the SHIB token slid over 6% which further showed a 14% price gain in a month.</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.</p>

Is Shibarium Bridge Issue Pushing Shiba Inu’s Price Downwards?

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Thecoinrepublic.com

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