Shiba Inu (SHIB), Pepe (PEPE), and Bone Shibaswap (BONE) are among the top five trending coins in the market today. Interestingly, none of them is making the headlines for a good reason.
- Data from CoinMarketCap indicates the three meme coins are currently all in the red. BONE is down 12.83% in the last 24 hours, and more than 20% over the last seven days.
- On its part, Shiba Inu is currently 8.16% below its price from the previous day and 10.5% over the week. At 2.15%, PEPE has lost the least value among the three in the last 24 hours. However, it has fared worse than SHIB and BONE over 30 days, dropping as much as 19% from its price over that period.
- Market watchers believe the bad performances of SHIB and BONE could be down to controversy surrounding Shiba Inu’s new layer-2 network, Shibarium.
- The blockchain went live on Aug. 16 after months of anticipation. Shortly after, reports started surfacing regarding issues with the network, with on-chain data apparently showing transactions had stalled for as long as five hours.
- Some analysts also claimed there was something wrong with Shibarium’s remote procedure call (RCP), with crypto sleuth ZachXBT referring to it as “dead.”
- Worse yet, purported screenshots of an internal Telegram conversation between Shibarium developers are doing the rounds on social media, with one showing lead developer Shytoshi saying the team was unable to recover assets connected to the Shibarium network.