Shiba Inu (SHIB), the meme-inspired cryptocurrency, has been in the news lately and has seen its price fall by 8% amid allegations that the code used in the Shibarium blockchain was stolen.
Notably, the drama began when a Discord member pointed out that Shibarium and Rinia Testnet was using the same Chain ID number, 917.
This led to speculation that the Shibarium code had been plagiarized, causing panic selling and a drop in SHIB’s price by 10%.
Shiba Inu drops 10% due to drama surrounding Shibarium code.
It wasn't long before an important member of the Shiba Inu community took to Discord to voice his concerns. According to the community member, Shibarium's test network used the same Chain ID as an existing blockchain. pic.twitter.com/1GVAzGzLRd
— ShibaX_SpaceX (@ShibaxSpacex) March 16, 2023
The Controversy Surrounding Shibarium Chain
The use of similar Chain ID numbers by the Shibarium blockchain and the Rinia Testnet chain has sparked a controversy in the Shiba Inu cryptocurrency community, with allegations of code theft being made against Shibarium. This has caused panic-selling of the SHIB token.
1) There was drama this morning around the SHIB token and the testnets layer 2 blockchain, Shibarium, when someone pointed out that Shibarium uses the same chain ID number, 917, as the Rinia Testnet chain, and accused the developers of plagiarism.
— TradeOnTheMarket (@TotM_Tweet) March 16, 2023
The ongoing controversy surrounding the Shibarium chain has led to a drop in the value of the SHIB token. This has caused concern among investors who are worried about the long-term stability of cryptocurrency.
However, the developers behind the Shibarium chain explained that the similarity was due to a mistake on their part. They had randomly picked Chain IDs for the pre-pod/beta version of the network, which had not been registered anywhere at the time.
The developers stated that they were deploying a new version of the BETA network with a new chain ID, and fresh deployments would be rare in the future.
– The documentation for the #Shibarium should be ready by the end of the week.
– Mistake accured by not registering ID Chain. @kaaldhairya will fix it So everyone can coexist.
– It’s testnet Mistakes will happen. No one was harmed.
If you sell everytime FUD appeared you… https://t.co/Xmh8hWLyX0 pic.twitter.com/SiU7JyG5BQ
— (@LucieSHIB) March 16, 2023
Despite this explanation, some community members pointed to similarities in code found on Github, a code repository, between Shibarium and Rinia Testnet. However, Andrew Angrisani, a member of the project’s Telegram community and a crypto security engineer, explained that both chains had used open-source code for their block explorers, which is a common practice.
It is worth noting that the claims of code theft are not new. In February, doubts concerning parallels between Shibarium and Rinia were raised on Discord. Community members, on the other hand, have pointed out that the usage of open-source technology is widespread in the business and that mistakes are to be expected throughout the beta process.
While the SHIB token has recovered some of its losses after the first selloff, it remains down 8% on the day. This has caused investors to be concerned about the cryptocurrency’s long-term stability.
Voyager’s Asset Transfer to Coinbase and Its Impact on SHIB Price
Voyager, a bankrupt cryptocurrency lender, has transferred more than $27.7 million in cryptocurrency holdings to the Coinbase market. Among the crypto assets transferred were 270 billion SHIB tokens worth more than $3 million, 17,000 ETH for over $19 million, and 12 million VGX worth more than $5 million.
Voyager sends $27.7 million worth of cryptocurrency to Coinbase
Read More- https://t.co/zZE2bjHya4#cryplogger #crypto #cryptonews #cryptolatest #cryptoupdates #bitcoinnews #btc #eth #sol #xrp #bnb pic.twitter.com/fL3mhv7snt
— Cryplogger (@cryplogger) March 17, 2023
According to this information, Voyager may have been selling some of its assets through Coinbase since last month, and the transfer of these assets may have influenced the current decline in the price of SHIBA.
Lookonchain, an on-chain analytics company, claims that the bankrupt cryptocurrency lender may have planned the sale of SHIB tokens poorly, selling them at a local high. This has contributed to establishing a temporary barrier for SHIBA, which has been turned down twice in the last week.
This report underlines the cryptocurrency market’s interconnected structure, where even the acts of insolvent lenders like Voyager may have a big influence on the prices of individual coins. It also serves as a warning to investors to closely follow the moves of huge cryptocurrency holders, since their actions can significantly influence the market.
Bearish Crypto Market Causes Shiba Inu Price Fall
The cryptocurrency market has recently experienced some instability, with Bitcoin and Ethereum seeing a slowdown. However, the price decline is due to worries about market liquidity, which has had a significant impact on Shiba Inu Tokens’ prices.
The crypto bear market reminds us that volatility is par for the course in this game. Stay informed, stay patient, and keep learning. #keepgoing
— #VENOM Dylan (@ATXweb3) March 17, 2023
As investors become more concerned about the volatility of the crypto market, they are selling off their SHIB holdings, causing the token’s value to plummet. This is not the first time that the crypto market’s bearish trend has impacted Shiba Inu Token pricing since the token’s value has historically been strongly linked to the performance of the larger market.
Shiba Inu price
The current Shiba Inu price is $0.000010, and the 24-hour trading volume is $369 billion.
The SHIB/USD pair is expected to encounter resistance at the $0.000011 level, and if it manages to break above it, the price could potentially reach $0.0000114. Meanwhile, the support level remains around $0.0000102.
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In addition to Shiba Inu, there are several altcoins in the market that show significant potential. The B2C team has performed an analysis and compiled a list of the top cryptocurrencies for 2023.
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