Amid the Shibarium Drama, SHIB Price Fell 10%

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Last Updated on March 17, 2023 by Bitfinsider

Last week, the beta version of the eagerly anticipated Shibarium blockchain for the layer 2 network was published. A blockchain that simulates real-world operation is called a prototype testnet. On top of layer 1 protocols, layer 2 refers to a collection of off-chain systems (distributed blockchains) that alleviate scalability and data bottlenecks.

The excitement surrounding the debut, however, was put on hold on Thursday morning after a prominent community figure on Shiba Inu’s Discord channel raised issues: Shibarium’s beta testnet using a current blockchain’s Chain ID raised concerns.

The Shibarium layer-2 beta testnet and the Rinia testnet, an existing blockchain, allegedly had similar chain IDs, according to Steve, a highly-regarded community member. This sparked a chain of events that started on March 17 in the official Shiba Inu Discord.

When deploying a blockchain, “Chain ID is the simplest thing any Blockchain dev looks for first,” wrote community member Steve. “As 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.”

“Why is it that it looks like Shibarium test net has taken Rinia testnet genesis file, changed the name to renia, but forgot to change the chain ID,” Steve continued.

Developers and other well-known community members responded quickly to the issues. One JesusM posted on the Discord channel, “There is absolutely no evidence that this is a fork of a chain that launched last month. Code is forked all the time. Moreover, there is no confirmation that it was.”

The Shibarium Code Drama Causes A 10% Drop In Shiba Inu Token

The drama regarding the codebase of the upcoming Shibarium blockchain caused a 10% drop in the price of Shiba Inu (SHIB) over the last day.

At the time of writing, the BONE and LEASH tokens from the Shiba Inu network had also fallen more than 10% in the previous day.

SHIB is currently trading at $0.00001047 after falling 4.65% over the previous 24 hours as of the time of writing. 

How to Buy or Trade SHIB on Scallop Exchange

You can buy or trade SHIB on Scallop. As Scallop frequently holds campaigns and events, you should check out its official Telegram group here to see if you can participate and win rewards as you trade.

On Scallop, you can trade SHIB as a spot pair (SHIB/USDT) in 3 simple steps:

  1. Sign up and register an account on Scallop 
  2. Buy USDT via Scallop One-click Buy (Follow the step-by-step guide from step 1 to 6) 
  3. Trade SHIB/USDT at Scallop Spot

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