The Shiba Inu price has fallen by 4% in the past 24 hours, dropping to $0.00001057 after the emergence of claims that code for the Shibarium layer-two network had been copied from the Rinia blockchain.
Its current price makes for 3.5% loss in the past week and a 15% fall in the last 30 days, although SHIB remains up by 30.5% since the beginning of 2023.
While the alleged theft of source code has damaged SHIB’s price today (as well as the prices of Shibarium tokens BONE and LEASH), developers have responded to the accusations by stating that chain IDs for Shibarium had been picked at random, and that the beta’s ID happened to duplicate Rinia’s by chance.
This has done little to restore SHIB’s price in the short term, yet with Shibarium now launched in beta form and SHIB: The Metaverse due later in the year, holders are hoping for bigger gains in the months to come.
Shiba Inu Price Prediction as Rumors Emerge That Shibarium Code was Stolen – What Will Happen to SHIB?
SHIB’s chart provides hope that the coin could be due for a rebound following today’s selloff.
Its relative strength index (purple) had dropped to 30 in the past few days, indicating overselling, but it now looks like it could begin rising again, bringing its price with it.
On the other hand, SHIB’s 30-day moving average (red) had been well above its 200-day (blue) for a few weeks, meaning a downturn was due.
The thing is, you could just as easily argue that, because SHIB’s price has fallen below both averages, it has been oversold and should recover soon.
Either way, the cause of today’s losses is speculation that the layer-two Shibarium network had stolen its chain ID from Rinia, an upcoming blockchain that’s also currently at the testnet phase.
Such claims had emerged on Shiba Inu’s Discord channel, with one senior member (named ‘Steve’) alleging that Rinia’s chain ID couldn’t have been taken “without [Shibarium developers] shytoshi and kaal specifically having coms with [Rinia’s lead devceloper] and asking him to reboot (tricking him) so they could take his genesis file and steal his work.”
These claims were picked up and quoted by various media outlets, resulting in significant losses for SHIB, BONE and LEASH.
However, Shibarium’s developers have responded to the claims with their own explanations, with Kaal Dhairya tweeting that they had picked chain IDs “randomly” for Shibarium at each different testing stage (e.g. alpha, staging, beta).
According to Dhairya, these IDs weren’t registered anywhere at the time, meaning developers didn’t pick up on the fact that the chain ID for Shibarium’s beta had also been used for Rinia.
But now that the duplication has been noticed, Dhairya has affirmed that his team will be redeploying a new Shibarium beta with a different chain ID.
This hasn’t done much to help SHIB’s price, although it’s worth pointing out that the market as a whole has also declined today, doing so by 0.5% in the past 24 hours.
This is likely from a combination of fears surrounding the global banking system and also the fact that much of the economy still remains in a subdued state.
That said, SHIB arguably has a brighter future ahead of it, what with Shibarium’s development continuing unabated, and with the more distant launch of SHIB: The Metaverse also on the horizon.
For one, Shibarium will make it easier, faster and cheaper to use Shiba Inu, something which will boost the cryptocurrency’s ecosystem and its price.
Adoption will also certainly be boosted by SHIB: The Metaverse, a Shiba Inu-themed virtual that could launch by the close of 2023.
This platform will involve digital plots of land that can be purchased and owned as NFTs, with users having variously themed districts to play around with and explore.
While details remain relatively thin, there’s little doubt that an official Shiba Inu metaverse will prove a big draw, particularly when economic interest in NFTs and the metaverse still remains strong.
Ultimately, this will boost SHIB’s price, so while it may be due further falls 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 Shiba Inu Now
When Should I Buy Shiba Inu?
While SHIB does have good fundamentals, it may be due more falls in the coming days.
As such, traders may prefer to look elsewhere for big gains at the moment, with quite a few new altcoins and presale tokens showing some real potential.
The Cryptonews Industry Talk team has studied such coins and created a list of the top 15 cryptocurrencies for 2023, each with good short-term as well as long-term prospects.
This list is regularly updated with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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