- The Shiba Inu project has been experiencing FUD after its newly launched Shibarium project faced some technical difficulties.
- Investors are now considering PEPE and Dogecoin as better investment options despite Shibarium developers assuring the community that all is well.
Shiba Inu has come under pressure in the last couple of days following some technical failures with Shibarium. After the launch of the much-anticipated Ethereum layer 2 solution mainnet, there was much concern about a possible technical flaw in its Ethereum bridge. A technical hiccup has led to nearly $1.7 billion in funds being stuck in the Shibarium bridge.
The SHIB community has since faced Fear Doubt and uncertainty (FUD) which has been evident in the SHIB price movement. In the last 24 hours, the token has lost more than 7 percent which has pushed its weekly losses above 15 percent. For a majority of holders, this was far from the expected results from the Shibarium launch.
Related: Shiba Inu: All $1.7B Funds Are Safe and Not Stuck in Shibarium Bridge; Shytoshi Kusama Takes a Stand Against FUD – Price Plummets by 14%
Adding to its technical misfortune, Lookonchain shows whales have been selling SHIB for three straight days. This suggests a possible “buy the rumor, sell the news” for SHIB in favor of PEPE.
Shibarium was the first step for Shiba Inu to break away from its meme coin status to a fully pledged Layer 2 project competing with top-tier projects such as Ethereum, Polygon, Cardano, and Solana. After vigorous development, led by lead developer Shytoshi Kusama, spanning months and numerous delays, the community has been excited about its launch with the view that will be an instant success in the industry.
All is Well – Shiba Inu’s Shibarium Lead Developer
Lead developer Kusama has already responded to the growing FUD, reassuring the community that all is well with Shibarium. According to Kusama, all funds are safe and the technical issue is not a flaw with Shibarium but a result of an influx of transactions in the bridge.
A blog post from the Shibarium team reads;
Our technical difficulty is not an issue of Shibarium, but instead, from the MASSIVE influx of transactions and users that happened at the same time when we announced that Shibarium is live. Our team has been working tirelessly to scale (even though validators were already on autoscale when we made the announcement) and bring up the chain again to an extent that we can handle the influx of our decentralized nation state.
This has since calmed the community which has been in full panic mode. Needless to say, with such gigantic amounts involved, all of those invested remain cautiously optimistic about the whole situation.
Is It Time to Turn to PEPE or Dogecoin
Some investors who remain pessimistic about the situation around Shiba Inu have been blaming its failure on its over-ambitious goals. Initially built to be a meme coin like PEPE and Dogecoin, its ambition and eagerness to compete with other platforms like Ethereum and Cardano that were built over the years, and with a strong technical and research understanding, could lead to its complete demise. Some investors prefer PEPE or Dogecoin which have fully embraced their meme coin status and built a legacy of this. But for some investors, the meme coin rally is always shortlived and with no fundamentals backing the projects, will eventually lead to long-term failure.
However, it’s no secret that other platforms with ambitious goals have faced technical hiccups, one great example is Solana which was prone to outages after its launch. Solana has since overcome this and become a highly sought project by users, investors, and developers.
For short-term investors, PEPE and Dogecoin offer the best chance for easy profits but for those ready to build and hold out for long-term gains, Shiba Inu remains the better option.
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