Shiba Inu Adds Zero to Price Despite Positive Shibarium News

Vignesh Karunanidhi
Shiba Inu Investors Struggle as Just 9% Remain Profitable
Source: Mid-Day

The Blockchain Futurist Conference has recently begun in Toronto, Canada, featuring various speakers including Shytoshi Kusama, the lead developer of SHIB. During the event, Kusama delivered a speech lasting around five minutes.

A communication from Kusama has led to speculation about the potential debut of Shibarium on August 16. It’s worth noting that the launch of the layer-2 network has encountered several delays attributed to issues related to development.

Also read: Voyager-Coinbase Token Shift Spurs Fear of Mass Sell-off

However, despite the positive news around Shibarium, the price hasn’t shown the same positive trajectory. Data from CoinMarketCap shows that Shiba Inu’s price is down by over 8% in the last 24 hours.

Shiba Inu is down by 8.5% in the last 24 hours

Recent anticipation regarding the launch of Shibarium has pushed the price of Shiba Inu by over 17% in the last 14 days. However, there has been an 8% drop in the price of the meme coin in the last 24 hours.

SHIB has dropped from a 24-hour high of $.00001061 before falling to its current price of $0.000009715. The price drop has added a zero to its price, which recently breached the $0.00001 level. The likelihood of the price drop could be due to the surge in sell-offs by traders trying to bag their profit.