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Shiba Inu (SHIB) price plummet: Will Shibarium’s codebase drama end the hype train?

Shiba Inu (SHIB) Price Plummets: Will Shibarium's Codebase Drama End the Hype Train

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TL;DR

  • Shibarium beta testnet had the same Chain ID as an existing blockchain.
  • Data shows that the price of SHIB has decreased by 10% in the past 24 hours.

The excitement around the upcoming Shibarium blockchain‘s beta version launch, which was reported on by Cryptopolitan last week, experienced a sudden pause this Thursday morning as a top-ranked community member in Shiba Inu’s (SHIB) Discord channel raised concerns about the codebase. In addition, it was pointed out that the Shibarium beta testnet had the same Chain ID as an existing blockchain. Consequently, SHIB’s price fell 10% in the last 24 hours due to this drama. Layer 2 is a set of off-chain systems (separate blockchains) built on top of layer 1 protocols that help reduce bottlenecks with scaling and data.

Steve, a community member, remarked that having an appropriate Chain ID is essential for any Blockchain developer deploying a Blockchain. However, he warned against using an existing ID as it could lead to confusion and disruption in the functioning of the chain. Furthermore, he questioned why Shibarium Testnet had taken Renia Testnet’s genesis file without changing the chain ID.

Community members, including developers, were quick to address the concerns. JesusM on the Discord channel stated that there is no evidence of a chain fork from last month, noting that forking and building upon established software is an integral part of free and open-sou software (FOSS). Justinlime, another network validator, echoed this sentiment by stating that even if some code was adapted from the beta version, this does not mean that the entire codebase was used. He expressed doubt that it is a direct fork with no changes.

The Shiba Inu ecosystem tokens BONE and LEASH experienced a decline of more than 10% in the past 24 hours, according to data at the time of writing.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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