Shibarium Blockchain Drama Causes 10% Drop in Shiba Inu (SHIB) Price

The post Shibarium Blockchain Drama Causes 10% Drop in Shiba Inu (SHIB) Price appeared first on Coinpedia Fintech News

The Shiba Inu (SHIB) ecosystem has been thrilled by the launch of the Shibarium layer 2 public testnet. However, the rehearsal dance stopped after a discord user spotted a discrepancy in Shibarium chain ID. Reportedly, Shibarium developers copied Rinia testnet genesis files but forgot to change the chain ID. As such, Shiba Inu’s price dipped as much as 10 percent in the past 24 hours to trade around $0.00001042 on Thursday. 

From a technical standpoint, Shiba Inu is halfway from obliterating January gains with the recent falling channel. Similarly, the $BONE ShibaSwap token was in the red on Thursday, having declined approximately 21 percent in the past 24 hours to trade around $1.21. 

Closer Look at Shibarium Plag Allegations 

The decline in $BONE and SHIB are directly related to the recent revelations of a plagiarised Shibarium network.

“Chain ID is the simplest thing any Blockchain dev looks for first when deploying a Blockchain,” community member Steve wrote. “As using an ID that already exists is just incompetent as your chain wouldn’t work properly, and everyone trying to interact with your chain would instead interact with the other chain. Why does it look like the shibarium test net has been taken from the rinia testnet genesis file? Changed the name from renia. But forgot to change the chain ID,”

The situation has ostensibly been made worse by lead developer Shytoshi Kusama who, instead of correcting the issue, made jokes. Notably, Kusama discredited the allegations as FUD and urged the Shibarmy to continue building amid the uncertainties.

Interestingly, over $5 million worth of $BONE has been unstaked in the past 24 hours, significantly contributing to the token’s bleeding.

In his response, Kusama defended the Shibarium concerns by indicating that crypto should not have discord or telegram.