Interestingly, it seems we are navigating uncommon terrain in the crypto kingdom as meme token Shiba Inu, otherwise, SHIB, experiences startling troubles, which led to its crashing on Thursday. It is particularly notable that this incident occurred in-line with the launch of its Ethereum scaling solution, the Shibarium layer-2.
Shiba Inu’s developers made an impressive maiden attempt by launching their blockchain’s public alpha version. An interesting novelty that will serve as the backbone supporting the entire Shiba Inu ecosystem. Such initiative, however, was not devoid of hitches as news about problems relating to the bridging funds from Ethereum to the layer-2 blockchain emerged.
In response to these hitches, Shiba Inu’s lead developer, known by the pseudonym Shytoshi Kusama, released a blog post aimed towards demystifying the fears and uncertainties. He attributed the protocol’s challenging start to extreme traffic.
Simultaneously, the launching of the protocol resulted in a sell-the-fact reaction evidently due to the built-up expectations surrounding the launch. This action wasn’t the only thing affecting the Shiba Inu ecosystem; the broader crypto market experienced pressure as BTC and ETH crumbled, breaking through vital long-term support levels. This group of occurrences has left Shiba Inu’s ecosystem tokens in a precarious state.
It is pertinent to start considering Shiba Inu alternatives as its price dwindles. Wall Street Memes ($WSM) emerges as a potential substitute given the considerable influence it wields across its vast social media platforms. The coin is likely to experience a significant pump as it gears up for launch across major tier-one exchanges.
Similarly, the newly introduced Sonik ($SONIK) meme coin, built on the Sega’s Sonic franchise, has made strides by raising nearly $100,000 in its pre-sale phase. The coin offers interesting perks for early investors, including the alluring promise of staking rewards.
And then there’s Launchpad xyz (LPX), an emerging web3 platform offering guidance for both newcomers and seasoned crypto investors through the labyrinth of profitable crypto trading and investing. Already performing well in its native $LPX token pre-sale, it offers the promise of premium features and easy navigation for the NFT, web3 metaverse, and play-to-earn gaming worlds.
Ultimately, as crypto enthusiasts, we are reminded again that the crypto world remains unpredicatable. Bound by balances of highs and lows, Shiba Inu’s current situation reminds us of the importance of flexibility and adaptability in a constantly stirring market. Despite the turbulence, opportunities remain for those who continue to closely observe the market patterns.
Source: Cryptonews
