Yesterday’s Shiba Inu bad review resulted in a whale staking and liquidating over $5 million in $BONE, according to onchain analysis.
The allegations have been shrugged off based on the fact that the Shibarium layer 2 scaling solution is still in the beta stage, and several bugs could be identified for correction along the way.
The Shiba Inu (SHIB) ecosystem, including the $BONE and $LEASH tokens, have swiftly decoupled from yesterday’s FUD. According to our latest crypto market data, Shiba Inu‘s price is up approximately 3.3 percent in the past 24 hours to trade around $0.00001089 on Friday. Notably, the Shibarmy had been distressed by allegations that Shibarium layer two developers copied the source code.
Shiba Inu Thrives Amid FUD
Precisely, KRYPSTEIN (@MrDonGG), the Firechain and Rinia testnet developer, refuted claims that Shibarium developers stole or cloned his code.
“My code would’ve been open-sourced and free,” KRYPSTEIN noted. “That wouldn’t have been a problem if they did. Everything I create or fork is open source and free to use.”
The FUD was also crashed by Shiba Inu’s lead developer Shytoshi Kusama who indicated that the team has been working on crucial updates to help launch the Shibarium layer 2 scaling solution on time.
The recent Shiba Inu plagiarism scandal attracted famous YouTuber Ben Armstrong’s (@BitBoy) attention. Notably, BitBoy threatened to dox the real Shytoshi Kusama’s identity following the plagiarism allegations.
Yesterday’s Shiba Inu bad review resulted in a whale staking and liquidating over $5 million in $BONE, according to onchain analysis.
The allegations have been shrugged off based on the fact that Shibarium layer 2 scaling solution is still in the beta stage and several bugs could be identified for correction along the way. Moreover, that is the importance of a beta launch to ensure the mainnet is free from simple mistakes and bugs that could clog the network.
Bigger Picture
The Shiba Inu ecosystem has remained in the top 20 digital assets by market capitalization and the second most valuable meme coin after Dogecoin (DOGE). With a market capitalization of approximately $6,389,920,198, Shiba Inu reported a 24-hour trading volume of about $287,547,354. As of today, Shiba Inu network has processed over 9.9 million transfers from 1,325,831 holders. With Binance crypto exchange among the Shiba Inu whales, over 41 percent of Shib have been burned.
As such, it is expected that the launch of Shibarium layer 2 mainnet will accelerate the SHIB burn rate. Moreover, more decentralized applications will join the Shiba Inu network through the Shibarium network.
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Notably, ShibaSwap’s $LEASH token is up approximately 6.2 percent in the past 30 days to trade around $459.13. Nonetheless, competitor meme tokens like FLOKI, Dogecoin, and Babydoge have diluted the Shiba Inu market.
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