The Launch of Spot Bitcoin-ETF Hit Shiba Inu Badly
Shiba Inu mem coin was hit badly in a very inappropriate moment, when the project introduced its Shibarium, a layer 2 solution for Shiba Inu ecosystem. Some claim that Shibarium started to face some major issues when launched on the mainnet. Shytoshi Kusama, the Shiba Inu community lead, wrote that a large chunk of Ethereum was stuck in the bridge contract. Prices of the mem coin dropped by 8.0% during the launce on August 16.
But coin prices started to drop a day before launch, when spot Bitcoin-ETF was launched on Euronext. So, project internal issues are likely to amplify the main threat of deteriorating liquidity in the crypto market after the launch of this ETF.
SHBUSD prices are hovering around strong support levels, and may have a good chance to stabilize.
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