Shiba Inu (SHIB) prices have fallen 10% in the past 24 hours, causing concern among investors and traders. This drop comes amid drama surrounding the codebase of the highly anticipated Shibarium blockchain.
Last week, Shibarium released its beta version for the layer 2 network, which functions as a blockchain that mimics real-world functioning. The layer 2 network is built on top of layer 1 protocols that reduce bottlenecks with scaling and data.
However, the launch was overshadowed by concerns raised by a top-ranked community member on Shiba Inu’s Discord channel. The concerns were related to Shibarium’s beta testnet using the same Chain ID as an existing blockchain.
As one community member wrote, “using an ID that already exists is just incompetent as your chain wouldn’t work properly and everyone trying to interact with your chain would instead interact with the other chain.”
While developers and other prominent community members were quick to address these concerns, it still caused a pause in the launch’s euphoria. There is “absolutely no evidence that this is a fork of a chain that launched last month,” wrote one community member.
Despite this reassurance, Shiba Inu ecosystem tokens BONE and LEASH also dropped more than 10% in the past 24 hours, adding to the concern.
Investors and traders will be keeping a close eye on Shibarium’s development in the coming days to see if the drama surrounding the codebase has any lasting impact on SHIB prices. For now, the situation remains fluid, and only time will tell how it plays out.