Layer-2 blockchain Shibarium that was launched on August 19 has not supported Shiba Inu mem coin very much. Its prices dropped by 3.2% since the beginning of the week. There are many technical indications that SHIB prices may go down to $0.000005 per coin.

The enthusiasm that was associated with Shibarium was over by the end of August. Prices were going down below $0.0000075 in September opening a path to a 30% drop. LUCIE, Shiba Inu’s top marketing strategist, even tried to support the new platform. She has also noted that prices of the mem coin are heavily to Bitcoin. “We first need to witness significant BTC price fluctuation. Once the fear of missing out (FOMO) sets in and new investors and money start flowing back, we will gradually see altcoins gaining momentum,” she wrote in a blog.

This looks rather sad, as many retail investors were buying at the peak of enthusiasm in August. Today more than 80% of investors are suffering losses. This is the largest number since May 2021. Retail investors were going out of the coin, while whales were still accumulating it. It looks more like a “Pump and Dump” strategy. And this is an absolutely wrong marketing effort.