Why the Shiba Inu developer drama affects SHIB pricing

Since the launch of PuppyNet, the ecosystem’s beta test of the impending update, the Shibarium network upgrade, a forthcoming blockchain network that will be integrated into the Shiba Inu coin, has generated buzz. Developers would get a true sense of the upgrade’s purpose from this.

The Shibarmy would profit from this Layer 2 blockchain solution for the Shiba Inu ecosystem. Everything would distinguish the Shiba Inu ecosystem from the memecoin competitors, including low transaction fees, quick confirmation times, and NFT generation.

As a result, SHIB and its sibling and brother tokens, BONE and LEASH, will now have practical applications for the SHIB community, further separating them from their memecoin roots. However, recent events have changed how people feel about the token.

BitBoy and developer drama bring SHIB to a halt

As of this writing, the token has decreased by more than 6.2% during the last 24 hours. This is due to the controversy surrounding the upgrade’s development and BitBoy’s recent assaults on Shiba Inu’s pseudonymous lead developer, Shytoshi Kusama.

Everything comes down to a single tweet from @Rancune eth, outlining that Shibarium uses code obtained illegally and makes claims of manipulation. As a result, BitBoy claimed that Shytoshi was actually Sam Bankman-Fried in disguise.

All three of the Shiba Inu ecosystem tokens also fell, with BONE falling more than 17% the previous day. This could indicate that the community is losing faith in the Shibarium update despite evidence to the contrary.

Shiba Inu at a Crucial Turning Point

In short to medium term, there has been significant profit-taking on the cryptocurrency market. The worldwide market worth of cryptocurrencies has decreased more than 2% since yesterday, according to CoinGecko.

This has a highly negative short-term outlook for SHIB. Investors and traders would likely lose faith in the network upgrade as the Shibarium drama goes on and dump them on the market. It is already happening with a large whale unstaking 800B SHIB from ShibaSwap.

In the long run, SHIB holders may not be pleased with the amount of SHIB being sold to the market. The $0.00001018 should then be vigorously defended by bulls to thwart any bearish manoeuvres. The new controversy, though, would undoubtedly erode investor confidence in the impending network upgrade.

Analysts anticipate that SHIB will reach $0.00000927 if things do not improve, offering the bears a chance to go even lower. Investors should therefore keep an eye on the current turmoil since it will give them a sense of how the market generally feels about the coin.