The FUD surrounding Shibarium might resolve soon
Ever Since the launch of the Layer-2 blockchain, Shibarium, there have been quite a lot of doubts and uncertainties i.e FUD surrounding the network of Shiba Inu. However, recent developments suggest that this might dissipate soon enough giving a clear road to Shibarium.
- Ever Since the launch of the SHiabrium testnet, there is a lot of FUD surrounding the network
- The issue with the chain ID has been resolved, which might contribute to the network’s growth.
Recently a SHIB influencer provided an update that the chain ID for the Shib testnet has been modified. Now the chain ID is 719.
What led to the rise of FUD?
A member from the Shiba Inu discord channel raised concerns regarding the chain ID of the Shibarium testnet they pointed out that apparently, the chain ID of Shibarium was the same as the Rinia testnet. The concerns came forth by the community soon after the launch of the Shibarium testnet.
This whole concern led to speculation that Shibarium might have copied the Rinia testnet and rebranded it without modifying the chain ID. Even though the speculations were disregarded as coincident by the developer. However, this still triggered a negative reaction within the SHIB community. This led to a decline in the SHIB token price by 8%.
Moreover, it is believed that with the new announcement, there are chances that the FUD surrounding the Shibarium testnet will be settled for good. Quite recently there was an increase in transactions on Puppynet they reached 718, as per the puppy scan. The Shibarium team is currently engaged in enhancing the faucet system. This enables users to acquire the test cryptocurrency required to interact with the testnet blockchain.
The improved faucet will have a BONE token incorporated into it. This will facilitate testing activities for both users and developers on the network.
Coinmarketcap indicated a decline in the trading of SHIB recently. Many whales have become interested in Shibarium ever since the issue with chain ID has been resolved.
Moreover, the data by Santiment indicates that the percentage of the total supply held by the Whales has also increased. This could possibly be due to large-scale buying by whales. As the number of transactions transferring more than $1 million rose.
Despite the rise in transactions transferring Shibburn’s data showed that the token burn rate has decreased by over 92% in the last 24 hours, with only 1.34 million tokens taken out of circulation.