Popular meme coin Shiba Inu is one of the strongest community-supported altcoin projects. This contributes to positive evaluations in the field, market position and growth. However, it is possible that the latest developments regarding Shibarium will test the resilience of this community.
Popular altcoin Shiba Inu has received an AA rating for security!
CertiK Skynet, a Web3 security and due diligence expert platform, rates the Shiba Inu as an ‘AA’ project with a security score of 91.37 out of 100. This places SHIB at #44 among the top 10% of cryptocurrencies, according to CertiK’s index. The altcoin project generally scores high across all six categories analyzed here. For ‘Basic Health’ only, his score remains below 90/100. The scores of the categories are as follows:
- Base Health: 73.75
- Governance Power: 92.97
- Operational Endurance: 93.07
- Social Trust: 93.52
- Code Security: 94.28
- Market Stability: 96.15
SHIB Safety Score and Rating. Source: CertiK SkynetThe Shiba Inu set out to build their own Web3 ecosystem. Accordingly, it launched Shibarium, a layer-2 Blockchain for Ethereum (ETH). Users will use Shiba Inu’s native token, SHIB, on Shibarium. Therefore, market expectations regarding Shibarium for the altcoin project are high. This is mainly because it will create a new demand for the meme coin. Because this project will increase the use and therefore the value of SHIB.
It is possible that the Shibarium malfunction will affect SHIB’s rating
However, as you follow from Kriptokoin.com, the launch was not as expected. More than $1.7 million in ETH was locked on the bridge between Ethereum’s layer-1 and Shibarium itself due to poor code execution. Some sources say that number may now be even greater as people continue to use the bridge. In this context, there are allegations that it is over $ 2.5 million.
In a screenshot shared on X, allegedly taken from an internal Telegram conversation, a Shibarium team member appears to say they made a mistake and “can’t recover the bridged ETH”. If the developers cannot fix this bug, it is possible that this will affect CertiK’s rating. It will likely affect the altcoin price as well, affecting all categories.
In case yall were wondering how Shibarium is going pic.twitter.com/S5vjTxoMDk
— ʎppɐꓷ ɯooɹɥS (@shroom_daddy) August 16, 2023
Altcoin price performance
Meanwhile, SHIB is trading at $0.0000089 at press time. This marks a 7.26% drop in the last 24 hours for the altcoin. Shiba Inu’s weekly performance also stands in the red zone, losing over 9%. However, monthly performance is still in the green, gaining over 16% over the last 30 days.
SHIB 1-day price chartAll things considered, Shibarium’s recent failure could indeed have a huge impact on the altcoin price. But the amount of this impact will depend on the general sentiment in the broader crypto market, the decline in token demand and other developments, positive or negative news surrounding the SHIB ecosystem.
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