Initial optimism has waned for Shiba Inu (SHIB) holders after the relaunch of Shibarium; the network’s layer 2 solution failed to trigger a price surge for the native token.
The asset continues to trade at $0.0000075 despite a widely anticipated relaunch of Shibarium, triggering a measure of dissent among community members. Since reaching its all-time high in 2021, SHIB has lost over 90% of its value in a run of unfortunate events.
However, the project’s team members attribute the price lull to pervasive bearish sentiment in the wider crypto assets markets, urging holders to keep the faith.
“Why No Moon? Why $SHIB down? $SHIB’s unstoppable spirit is real, but it rides the market’s waves too. It’s everywhere!” wrote Lucie, Shiba Inu’s Marketing Strategist.
SHIB’s current price sees it rank in 16th place with a market capitalization of $4.4 billion below Litecoin (LTC) and Polygon. Trading volumes for SHIB have also taken a major hit, falling by nearly double-digits over seven days as traders adopt a conservative approach.
“Okay, a little bumpy now, but what about the bull market? Remember, thinking long-term matters. Short-term victories fade fast. Be positive.”
Shiba Inu’s latest string of worries began last week following its layer-2 scaling solutions launch designed to infuse new use cases for the meme coin. However, hours after launch, things began tearing at the seams as users reported a series of failed transactions and issues with the bridge.
Shiba Inu’s developers blamed the issues on a server overload, taking the project offline to improve its resilience. According to a post from lead developer Shytoshi Kusama, the updated Shibarium comes with “additional fail-safes” and an “auto server reset in case we get huge traffic again.”
Despite racking over 350,000 transactions and interactions with 65,000 after the relaunch, SHIB’s price shows little to no signs of heading to the moon as bearish sentiments continue to sway.
Other assets face a torrid patch
Across the cryptosphere, crypto assets are in dire straights as they face headwinds from an extended bear market. Bitcoin (BTC), the second-largest cryptocurrency, fell below $26K in what has been described as the worst week since the fall of FTX.
Ethereum (ETH), Cardano (ADA), and XRP had their fair share of downward trading as they inched toward double-digit losses on the 7-day trading chart. At the moment, the global virtual currency market capitalization stands below the $1 trillion mark while daily trading volumes are hovering around $25 billion.