After initial concerns about Chain ID, the Shiba Inu Shibarium testnet (also known as the Puppynet) ramped up smoothly. The token also seems to be recovering from FUD with a clear explanation from the team.
In the first week of Shibarium’s launch, there were some disagreements within the Shiba Inu community. A community member noticed that Layer 2 (L2) networks were using Chain ID for an unrelated project. These concerns have adversely affected the price action of SHIB and BONE as they were not acted on in a timely manner.
Solve Shiba Inu FUD
One of the lead developers of Shiba Inu addresses confusion with Chain ID when anxiety increases and Fear, Uncertainty, and Doubt (FUD).
In a tweet, Kaal Dhairya stated that the chains were randomly selected to deploy the Alpha network. According to him, the chain is not vetted before its final deployment, and once selected it is not registered for any project.
He went on to announce his intention to deploy a new version of the Beta network with the new Chain ID.
Current status of Shiba Inu Shibarium and operating address of SHIB
Scanning the L2 testnet with puppyscan shows increased activity. With an average block time of 5 seconds at press time, it has generated over 400,000 blocks. In addition, it has conducted more than 2,500 transactions and registered more than 2,500 wallets on the network.
According to Santiment’s active address statistics, the increase in Shiba Inu addresses was also evident before the Shibarium launch.
At the time of writing, there are already around 31,000 active SHIB addresses, suggesting that it has maintained its previous level of success.
Resurrection of Shiba Inu (SHIB) and BONE
The daily time frame for March 15 clearly shows the FUD surrounding the Shiba Inu. Since news of Chain ID Shibarium emerged on March 15, SHIB has lost 7.45% in value.
But it recovered quickly the next day, and it has been maintained until now.
SHIB price chart. Source: TradingView
In contrast, the price movement of BONE is not as good as that of SHIB. It only recovered on March 17, when it rose 11% and closed the session at $1.33.
With the exception of March 17, it has been declining since March 15. As of this writing, it is trading at around $1.26, down more than 7%.
BONE price chart. Source: TradingView
- Ben Armstrong Reveals Shiba Inu’s Creator Is Denied
- Shibarium’s Chain ID Allegation Is Clone SHIB Price Drops Over 7%
According to AMBCrypto