Shiba Inu, Pepe, and Bone Shibaswap: Why These Trending Coins Are Losing Value
Shiba Inu (SHIB), Pepe (PEPE), and Bone Shibaswap (BONE) have gained significant attention in the crypto market recently. However, they are currently making headlines for all the wrong reasons. Here’s what you need to know:
- Data from CoinMarketCap shows that all three meme coins are in the red.
- BONE has experienced a 12.83% drop in the last 24 hours and over 20% decrease in the past week.
- Shiba Inu is currently 8.16% below its previous day’s price and 10.5% down over the week.
- PEPE has lost 2.15% in the last 24 hours, the least value compared to SHIB and BONE. However, it has dropped 19% over the last 30 days.
- Market analysts believe that the poor performance of SHIB and BONE may be linked to the controversy surrounding Shiba Inu’s new layer-2 network, Shibarium.
Shibarium went live on August 16 after much anticipation. However, issues with the network have been reported, including stalled transactions and problems with the remote procedure call (RCP). Screenshots of an alleged internal Telegram conversation among Shibarium developers have also circulated on social media, indicating difficulties in recovering assets connected to the network. These issues have contributed to the downward trend of these trending coins.
Hot Take: The Future of SHIB, PEPE, and BONE Hangs in the Balance
The recent controversies surrounding Shiba Inu’s Shibarium network have raised concerns about the long-term viability of SHIB, PEPE, and BONE. Investors should closely monitor the developments and take caution before making any investment decisions in these coins. It remains to be seen whether these meme coins can recover from their current setbacks and regain their popularity in the market.
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