Shytoshi Kusama’s latest update on the troubled Shibarium launch paints an amateurish picture. After hyping up the launch for months, Shibarium appears to be having major technical difficulties right out the gate.
Kusama reveals the team is now focused on basic “security measures” and “testing” – steps that should have been completed long before launch. The fact that the blockchain is currently in “private mode” producing empty blocks shows Shibarium isn’t actually functional yet.
While Kusama states the devs are resting to be “refreshed,” it seems more likely they are overwhelmed and scrambling behind the scenes. This haphazard launch process casts doubts on Shibarium’s capabilities.
Rather than the revolutionary Layer 2 solution promised, Shibarium is shaping up to be an embarrassing failure. The Shiba Inu team may have been better off leaving their memecoin roots behind rather than attempting to build serious blockchain infrastructure. This saga shows SHIB lacks the technical expertise and leadership needed to transition beyond a joke cryptocurrency. Only time will tell if they manage to prove us wrong.
In terms of price, SHIB is trading at a low $0.0000084 following the Shibarium launch. The earlier rally to $0.00001135 based on hype now appears pretty unjustified.
The disastrous Shibarium launch appears to have accelerated SHIB’s technical breakdown. Support at the crucial 200-day moving average failed right as the mainnet froze.
This key level rejection mirrors SHIB’s crash back in April, which saw prices plunge -48% before finding support. Now, SHIB has smashed through its 20-day MA as well amid the fallout, sinking all the way to $0.0000076.
Source: altFINS
Some may hope this oversold RSI signals a bounce is coming. However, the damage is likely done. SHIB’s inability to hold the 200DMA shows it lacks the substance needed for sustainable growth.
Rather than stabilizing SHIB’s structure, the amateurish Shibarium debut has only weakened it. Without major changes, further bleeding seems inevitable. The failed launch casts doubt on community claims about strong support levels.
This rout reveals the harsh reality that SHIB remains dependent on hype rather than real utility. The memecoin likely cannot reinvent itself as promised. While some investors are desperately bargain hunting, SHIB’s technicals tell a bearish story of a project in disarray
While some may hope for a rebound, Shibarium’s amateur debut proves SHIB lacks substance. Rather than trying to reinvent itself, Shiba Inu should have quit while it was ahead as a popular dog meme coin. This weak launch only damages SHIB’s long-term prospects.
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