Shiba Inu (SHIB), Pepe (PEPE), and Bone Shibaswap (BONE) have become the talk of the town in the cryptocurrency market today. However, these meme coins are not gaining attention for the right reasons. According to CoinMarketCap data, all three coins are currently experiencing a decline in value.
BONE has seen a significant drop of 12.83% in the past 24 hours, and over 20% in the last seven days. Shiba Inu is currently down 8.16% compared to its previous day’s price, and 10.5% over the week. PEPE, on the other hand, has experienced the least loss among the three, with a decrease of 2.15% in the last 24 hours. However, it has performed worse than SHIB and BONE over the past 30 days, with a drop of up to 19% from its price during that period.
The underperformance of SHIB and BONE can be attributed to the controversy surrounding Shiba Inu’s new layer-2 network, Shibarium. After months of anticipation, the blockchain went live on August 16. However, reports soon surfaced about issues with the network, including stalled transactions lasting up to five hours, as indicated by on-chain data.
Analysts have also raised concerns about Shibarium’s remote procedure call (RCP), with some referring to it as “dead.” Social media has been abuzz with purported screenshots of an internal Telegram conversation among Shibarium developers, one of which shows the lead developer, Shytoshi, stating that the team was unable to recover assets connected to the Shibarium network.
It is clear that these meme coins are currently facing challenges and negative sentiment in the market. Investors and market watchers will be closely monitoring the developments surrounding Shiba Inu’s Shibarium network and its impact on the future performance of these coins.
Note: The content provided is for informational purposes only and should not be considered financial or investment advice.