Shiba Coin: The Impact of Bitcoin's Drop on the Crypto Market - COINTURK NEWS
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Shiba Coin: The Impact of Bitcoin’s Drop on the Crypto Market

12:04 pm (44 days ago)
August 20, 2023

The cryptocurrency market has plummeted to $1.1 trillion due to a sharp drop in Bitcoin‘s (BTC) value, dragging BTC down to the $26,000 range. This has affected many cryptocurrencies and altcoins, particularly Shiba Inu (SHIB).

Latest Update on Shiba Coin

The reason why the impact on SHIB Coin is much more severe is the relatively unsuccessful launch of Shibarium. The highly anticipated launch of Shibarium turned out to be a failure, with many people’s ETH being stuck in the network initially. The developer of Shiba Coin, Kusama, acknowledged the error and the failure in a statement.

Now, there are some intriguing statements being made about Shiba. In a new technical document written by Shytoshki Kusama, the developer of Shiba Inu, it is stated that Shibarium has achieved significant success and that further developments will continue. The team aims to increase the scalability of Shibarium by 1,500%. It is mentioned that the Alchemy team has also started working towards this goal. However, it remains uncertain how successful Shibarium will be after its initial failure in the industry.

Bold Claims by the SHIB Team

The technical document titled SHIB Paper, published by Kusama, primarily discusses the principles, with scalability being one of them. The SHIB team aims to increase scalability and attract more investors with more projects on this network. It can be said that achieving this goal requires significant changes after the poor launch and millions of dollars in losses.

As of now, SHIB Coin is one of the biggest losers in the past 7 days, experiencing a 20% decrease. SHIB has become one of the top 14 cryptocurrencies with the highest value loss. On the other hand, DOGE managed to stay relatively higher with a 15% decrease during the same period. If the SHIB team can deliver on their promises and improve the situation, there is a possibility of a sudden rise. However, it can be said that the promises made exceed the team’s technical capabilities at the moment.

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