Shibarium's launch, though highly anticipated, did not bode well for the Shiba Inu ecosystem, as prices of SHIB, BONE, and LEASH have continued to fall.
uses a new consensus mechanism called Proof-of-Participation , which selects validators based on their cryptocurrency holdings.
However, soon after its launch, rumors started circulating regarding issues with the bridge, causing technical difficulties. But the team soon posted a, putting an end to the rumors. It affirmed that the issues were a result of the massive influx of transactions and users around the time when Shibarium went live.
However, the increased number of transactions did not affect Shiba Inu’s price. Over the last week, the token’s price dropped by more than 15%. In fact, in just the last 24 hours, SHIB’s value plummeted by over 7%.,’s net deposits on exchanges were high compared to the last seven-day average, suggesting it was under selling pressure. Moreover, Shiba Inu’s trading volume increased while its price dropped.among the top 100 ETH whales in the last 24 hours.
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