The price of Shiba Inu has fallen by 4% in the last 24 hours, settling at $0.00001057 after claims emerged that the code for the Shibarium layer-two network was copied from the Rinia blockchain.
Its current price accounts for a 3.5% loss in the past week and a 15% drop in the last 30 days, although SHIB is still up 30.5% YTD.
Although the alleged theft of the source code damaged today’s SHIB price (as well as the prices of the Shibarium tokens BONE and LEASH), the developers responded to the accusations by stating that the chain IDs for Shibarium were chosen at random and that the beta ID happened to duplicate Rinia’s.
This has done little to restore SHIB’s price in the short term, but with Shibarium now running in beta and SHIB: The Metaverse due later in the year, owners are hoping for bigger gains in the months to come.
Shiba Inu Price Prediction As Rumors Appear That Shibarium Code Has Been Stolen – What Will Happen To SHIB?
The SHIB chart gives hope that the coin could recover after today’s selloff.
Its relative strength index (purple) has fallen to 30 over the past few days, indicating oversold, but now it looks like it may start to rise again, bringing its price with it.
On the other hand, SHIB’s 30-day moving average (red) has been well above its 200-day (blue) for several weeks, indicating that a decline has followed.
The thing is, you could just as easily argue that because SHIB’s price has fallen below both averages, it’s oversold and should recover soon.
In any case, the cause of today’s losses is speculation that the Shibarium layer two network stole its chain ID from Rinia, an upcoming blockchain that is also currently in the testnet phase.
Such claims appeared on Shiba Inu’s Discord channel, with one senior member (named ‘Steve’) claiming that Rinia’s chain ID could not have been taken “without [Shibarium developers] shytoshi and kaal especially have to do with [Rinia’s lead devceloper] and asking him to reboot (by tricking him) so they can take his genesis file and steal his work.”
These claims were picked up and quoted by various media, resulting in significant losses for SHIB, BONE and LEASH.
However, Shibarium’s developers responded to the claims with their own explanations, with Kaal Dhairya tweeting that they chose chain IDs “randomly” for Shibarium at each different stage of testing (eg alpha, phase, beta).
According to Dhairya, these IDs were not registered anywhere at the time, meaning that the developers did not realize the fact that the chain ID for Shibarium beta was also used for Rinia.
But now that the duplication has been spotted, Dhairya has confirmed that his team will re-upload a new beta version of Shibarium with a different chain ID.
This didn’t help SHIB’s price much, although it’s worth noting that the market as a whole was also down today, down 0.5% in the last 24 hours.
This is likely due to a combination of fears about the global banking system and the fact that much of the economy is still in a subdued state.
That said, SHIB probably has a brighter future ahead of it, as Shibarium development continues apace and with the further launch of SHIB: The Metaverse also on the horizon.
First, Shibarium will make it easier, faster and cheaper to use Shiba Inu, something that will boost the cryptocurrency ecosystem and its price.
Adoption is also sure to be boosted by SHIB: The Metaverse, a virtual Shiba Inu theme that could launch by the end of 2023.
This platform will include digital plots of land that can be bought and owned as NFTs, and users will have different themed areas to play and explore.
While details remain relatively sparse, there’s no doubt that the official Shiba Inu metaverse will prove to be a huge draw, especially when economic interest in NFTs and the metaverse continues to be strong.
Ultimately, this will boost SHIB’s price, so while it could see further declines in the next few days, it has a very good chance of returning to $0.00002 or higher by the end of the year.
Buy a Shiba Inu now
When should I buy a Shiba Inu?
While SHIB has good fundamentals, it may be in for more downs in the coming days.
As such, traders may prefer to look elsewhere for big gains at the moment, with plenty of new altcoins and pre-sale tokens showing real potential.
The Crypto news The Industry Talk team studied such coins and made a list of the 15 best cryptocurrencies for 2023, each with good short-term and long-term prospects.
This list is regularly updated with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from players in the crypto industry and is not part of the editorial content of Cryptonews.com.
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