Why is Shiba Inu (SHIB) Crashing Despite Shibarium Launch? 2 Possible Reasons
Shiba Inu is going through major developments throughout the past few days that the community has been long looking forward to.
As CryptoPotato reported yesterday, Shiba Inu developers appeared on stage at the Blockchain Futurist Conference in Toronto to announce the launch of the Shibarium mainnet.
The price, however, hasn’t perceived the news positively and is, in turn, crashing during the past 24 hours. But why?
Shibarium Launched Not Without Problems
First of all, Shibarium – Shiba Inu’s much-anticipated layer 2 blockchain – launched its mainnet yesterday but not without its issues.
Data from Shibarium’s blockchain scanner reveals that transactions on the protocol had been stalling for no less than many hours.
In addition, the Shib Mainnet RPC, which should be accessible via this website, is also not functioning properly.
There are also reports circling, which indicate that bridging to Shibarium is also impossible.
The underwhelming launch of the much-anticipated Shibarium network might as well be one of the main reasons, if not the main one, for the price’s decline throughout the past 24 hours.
Sell The News
Shibarium had been announced for quite a while now, and many were already speculating that yesterday was going to be its official launch date.
Events of this kind, which are highly anticipated and present a considerable shift in the development of a cryptocurrency’s ecosystem, oftentimes turn out to be “sell the news” events.
There’s a common investment saying which goes like this:
Buy the rumor, sell the news.
In essence, this entails that investors in the know will bet on an upcoming event, buying when there’s no certainty in anticipation of a considerable increase once the event gets to see the light of day. Then, once the rest who failed to chip in earlier start buying, those who bought would take advantage of the liquidity and sell at profit.
The post Why is Shiba Inu (SHIB) Crashing Despite Shibarium Launch? 2 Possible Reasons appeared first on CryptoPotato.
Filed under: Bitcoin - @ August 17, 2023 9:16 am