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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
