Shiba Inu Developer Drama Takes Toll On SHIB Price – Here’s Why

Christian Encila

2 years ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The Shibarium network upgrade – an upcoming blockchain network that will be integrated into the Shiba Inu coin – has been generating buzz since the release of PuppyNet, the ecosystem’s beta test of the upcoming upgrade. This would give developers a true feel of what the upgrade is all about.

This will be the Shiba Inu ecosystem’s Layer 2 blockchain solution which would benefit the Shibarmy. Low-cost transactions, quick confirmation times, NFT creation, everything that would make the Shiba Inu ecosystem stand out from its memecoin competition.

This would also further distance SHIB from its memecoin origins since SHIB – and its sister and brother tokens, BONE and LEASH – will now have real-world utility for the SHIB community.

However, recent developments have affected the sentiment surrounding the token.

Developer Drama And BitBoy Drag SHIB Down

As of writing, the token is down more than 6.2% in the past 24 hours. This has been caused by the recent drama surrounding the development of the upgrade and BitBoy’s recent attacks on the pseudonymous main developer of Shiba Inu, Shytoshi Kusama.

It all boils down to one recent tweet of @Rancune_eth, detailing that Shibarium runs on stolen code along with accusations of manipulation. This led to BitBoy accusing Shytoshi of being Sam Bankman-Fried in disguise.

HOLY SHIT. Serious escalation in official $SHIB discord.

Shibereum is a ripped chain from Rinia, they forgot to change chain ID.

Mod tells us about manipulation and silencing. $bone $shib $leash## pic.twitter.com/Lw8IDidDqA

— Rancune (@Rancune_eth) March 16, 2023

This also led to all three of the Shiba Inu ecosystem tokens plunging with BONE down more than 17% in the past day. This could be a sign that the community’s trust is wavering for the Shibarium upgrade despite showing that it would surely benefit the community,

Shiba Inu At Important Crossroads

The crypto market has been experiencing major profit-taking in the short to medium time frame. According to CoinGecko, the global market cap of crypto is down more than 2% since yesterday.

This presents a very bearish short-term for SHIB. As the Shibarium drama continues, we can expect investors and traders to lose hope that the network upgrade would bring profits, thus dumping them in the market. It can already be seen happening with a major whale unstaking 800 billion SHIB from ShibaSwap.

SHIB total market cap at $6.3 billion on the daily chart at TradingView.com.

This amount of SHIB being sold to the market might not he good news for SHIB holders in the long term. Meanwhile, bulls should then continue defending the $0.00001018 as this would blunt any bearish attempt. However, the recent drama would certainly dampen investor trust in the upcoming network upgrade.

If the situation does not improve, we can expect SHIB to hit $0.00000927 which would give the bears a chance to claw even lower. Investors should then monitor the recent drama as this would give them a gauge in the overall market sentiment surrounding the token.

-Featured image from Paper Writer

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.