Shiba Inu Price Prediction as Rumors Emerge That Shibarium Code was Stolen – What Will Happen to SHIB?

cryptonews.com:

The Shiba Inu price has fallen by 4% in the past 24 hours, dropping to $0.00001057 after the emergence of claims that code for the Shibarium layer-two network had been copied from the Rinia blockchain.

Its current price makes for 3.5% loss in the past week and a 15% fall in the last 30 days, although SHIB remains up by 30.5% since the beginning of 2023.

While the alleged theft of source code has damaged SHIB's price today (as well as the prices of Shibarium tokens BONE and LEASH), developers have responded to the accusations by stating that chain IDs for Shibarium had been picked at random, and that the beta's ID happened to duplicate Rinia's by chance.

This has done little to restore SHIB's price in the short term, yet with Shibarium now launched in beta form and SHIB: The Metaverse due later in the year, holders are hoping for bigger gains in the months to come.

SHIB's chart provides hope that the coin could be due for a rebound following today's selloff.

Its relative strength index (purple) had dropped to 30 in the past few days, indicating overselling, but it now looks like it could begin rising again, bringing its price with it.

On the other hand, SHIB's 30-day moving average (red) had been well above its 200-day (blue) for a few weeks, meaning a downturn was due.

The thing is, you could just as easily argue that, because SHIB's price has fallen below both averages, it has been oversold and should recover soon.

Either way, the cause of today's losses is speculation that the layer-two Shibarium network had stolen its chain ID from Rinia, an upcoming blockchain that's also currently at the testnet phase.

Such claims had emerged on Shiba Inu's Discord channel, with one senior member (named 'Steve') alleging that Rinia's chain