Shibarium Launch Generates FUD
Shibarium launch made headlines – but maybe for a not-so-right reason.
On March 11, one of the most famous meme tokens Shiba Token launched Shibarium, a Layer 2 (L2) blockchain that allows anyone to build a digital product, conduct peer-to-peer transactions, and other basic capabilities.
In their blog post, the Shib enthusiasts describe this launch as essential to the development of the system, emphasizing that “Shibarians have been subject to outdated systems and methods of control that harm Shibkind.”
“As the lead who is dedicated to the founding vision of Ryoshi for the larger Shib ecosystem, I can confidently say what we’ve created is the first step in a global movement to end the cycle of abusive control by embracing the power of decentralization,” the blog post reads.
The launch, despite being buzzed about on Twitter, did not result in an immediate price spike. Data from the Coinmarketcap shows that while major cryptocurrencies, including Bitcoin, are rallying toward 30K, SHIB, is showing a negative performance.
Source: Coinmarketcap
The token’s value decreased due to the reported FUD. It began when a Shiba Inu discord channel member pointed out that Shibarium’s chain ID shared the same ID as the Rinia testnet blockchain. S/he went on to allege that Shibarium simply copied the genesis file from the Rinia testnet – a suggestion that Shibarium denied.
In response, Lucie, who describes herself as a Shiba Ecosystem Loyalist, tweeted that the company is now trying to fix the issue by working on faucets updates, insisting that the FUD happened due to a minor mishap with an ID.
But it doesn’t seem like the FUD is over just yet.
A Twitter user who goes by the name the Data Nerd tweeted, “Due to FUDs regarding the new $SHIB L2 network, up to 71% are either lost or break even as shown by @intotheblock. This will create a large selling pressure should the price rises above $0.000011. Telegram activity has also been falling since 2022.”
Source: Twitter
Into the Block, an AI-powered analytical tool retweeted the tweet in a purported confirmation.
Previously, GNCrypto reported that YouTuber BitBoy Crypto threatened to dox SHIB founder's identity.
