Shiba Inu is Going to Zero as SHIB Price Falls 15% After Shibarium Launch and Sonik Coin Surges Past $100,000
The highly-anticipated launch of Shibarium has been big news this week, after a huge influx of transactions overwhelmed the new main-net bridge on Wednesday - igniting a -28% tumble in SHIB price.
While typical of many big crypto launches, which often follow the adage 'buy the rumour, sell the news', the tumultuous Shibarium launch saw such an influx that tansactions on the network froze, with nearly 954 ether (ETH) and a whopping $750,000 of BONE – Shibarium's governance token – stuck in limbo.
Amid widespread misinformation on crypto Twitter, Shytoshi - Shibarium's lead developer - took to blogging to rebut rumours and explain the main-net launch difficulties; highlighting the overhwhelming number of transactions as the reason behind the issue.
For perspective, their scaling service with Alchemy provided 400 million compute units per month, yet, within half an hour of the launch, Shibarium had burned through 160+ million units!
If this pace persisted, they'd be clocking in billions of compute units daily, rivalling the busiest L2 blockchains in existence such as Ethereum.
Following the tumultuous downside move, SHIB is trading low at a current price of $0.0000085 (representing a 24-hour change of +4.06%).
The build-up of anticipation ahead of the Shibarium launch had seen price climb to a local high of $0.00001135 on August 12, reclaiming a price level last seen in April.
However, despite the catastrophic news, SHIB's bleed-out actually started on Sunday 13, four days ahead of the main net launch (which wasn't revealed until the night of Tuesday 15).
By the time Shibarium's difficulties triggered the cascade, SHIB had already lost -6.8% across three days.
And it appears the 200DMA could have played a part in the scale of
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