Shiba Inu price prediction as rumors emerge that the Shibarium code has been stolen – what will happen to the SHIB?

The Shiba Inu price fell 4% in the past 24 hours, falling to $0.00001057 after claims emerged that Shibarium’s Layer 2 network code had been copied from the Rinia blockchain. .

Its current price represents a loss of 3.5% last week and a decline of 15% in the last 30 days, although SHIB remains up 30.5% since the start of 2023.

While the alleged theft of source code damaged the price of SHIB today (as well as the prices of Shibarium BONE and LEASH tokens), the developers responded to the accusations by stating that the chain IDs for Shibarium were chosen at random , and that the beta’s ID happened to duplicate Rinia’s by chance.

This hasn’t done much to restore SHIB’s price in the near term, but with Shibarium now launching in beta and SHIB: The Metaverse slated for later in the year, holders are hoping for bigger gains in the months ahead. coming.

Shiba Inu price prediction as rumors emerge that the Shibarium code has been stolen – what will happen to the SHIB?

The chart of SHIB gives hope that the coin could be due for a rebound from today’s selloff.

Its relative strength index (purple) had fallen to 30 over the past few days, indicating oversold, but now it looks like it might start to rise again, taking its price with it.

On the other hand, SHIB’s 30-day moving average (red) had been well above its 200-day moving average (blue) for the past few weeks, signifying that a downturn was expected.

The point is, you could just as easily argue that because SHIB’s price fell below both averages, it was oversold and should rally soon.

Either way, the cause of today’s losses is speculation that layer-two network Shibarium stole its channel ID from Rinia, an upcoming blockchain that is also currently in the testnet phase.

Such claims had emerged on Shiba Inu’s Discord channel, with a senior member (named ‘Steve’) alleging that Rinia’s channel ID could not have been taken “without [Shibarium developers] shytoshi and kaal specifically having contact with [Rinia’s lead devceloper] and asking him to reboot (by tricking him) so they can take his genesis file and steal his work.”

These claims were picked up and quoted by various media, resulting in significant losses for SHIB, BONE and LEASH.

However, the Shibarium developers have responded to the claims with their own explanations, with Kaal Dhairya tweeting that they chose “random” channel IDs for Shibarium at each different testing stage (e.g. alpha, staging, beta ).

According to Dhairya, these IDs weren’t registered anywhere at the time, meaning the developers didn’t catch the fact that the channel ID for the Shibarium beta was also used for Rinia.

But now that the duplication has been noticed, Dhairya claimed that his team will be redeploying a new Shibarium beta with a different channel ID.

This didn’t help SHIB’s price much, although it’s worth pointing out that the market as a whole was also down today, down 0.5% in the last 24 hours.

This is likely due to a combination of fears surrounding the global banking system and also that much of the economy still remains in subdued condition.

That said, SHIB arguably has a brighter future ahead of it, with Shibarium development continuing unabated, and with the more distant launch of SHIB: The Metaverse also on the horizon.

On the one hand, Shibarium will make it easier, faster and cheaper to use Shiba Inu, which will boost the cryptocurrency ecosystem and its price.

Adoption will also certainly be boosted by SHIB: The Metaverse, a Shiba Inu-themed virtual that could launch by the end of 2023.

This platform will involve digital plots of land that can be purchased and owned as NFTs, with users having various themed neighborhoods to play and explore with.

While details remain relatively thin, there is no doubt that an official Shiba Inu Metaverse will prove to be a big draw, especially when economic interest in NFTs and the Metaverse still remains strong.

Ultimately, this will drive up the price of SHIB, so while it may be due for further declines in the coming days, it has a very good chance of returning to $0.00002 or higher by the end of the month. the year.

Buy Shiba Inu Now

When should I buy Shiba Inu?

Although SHIB has good fundamentals, it could be due to further falls in the coming days.

As such, traders may prefer to look elsewhere for big gains at the moment, with quite a few new altcoins and pre-sale tokens showing real potential.

THE Crypto news The Industry Talk team studied these coins and created a list of the top 15 cryptocurrencies for 2023, each with good short-term and long-term prospects.

This list is regularly updated with new altcoins and ICO projects.

^{Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.}