Shiba Inu (SHIB) drops to a 6-month low, Shibarium launch delays

The second-largest memecoin, Shiba Inu (SHIB), is down by 1.12% in the past 24 hours but up more than 9% in the last 7 days. The retracement puts the popular dog-themed coin at 15th in the crypto pecking order as it sinks to a six-month low.

SHIB is trading at $0.0000082 at press time, according to CoinMarketCap (CMC) data. Per the popular price aggregator, the last time Shiba Inu hit close to the $0.000008 level was on June 19, 2022. SHIB’s market cap is at the $4.55 billion mark.

Moreover, SHIB’s price soared along with its burn rate. According to Shib Burn, only 4.5 million SHIB — worth roughly $36 at the time of writing — was sent to dead wallet addresses in the past 24 hours. The burn rate is down by 93.05% in the same time frame.

On the other hand, the number of SHIB holders has been increasing almost every day. According to Etherscan data, Shiba Inu holders have reached 1,267,500, up by 0.024% in the past 24 hours.

The incorrect timing

As Shiba Inu and BONE — another token of the SHIB ecosystem — holders were expecting the long-awaited layer 2 solution, Shibarium, the memecoin’s team dropped a countdown to the big launch. 

The countdown, however, was then denied by Shytoshi Kusama, SHIB’s lead developer, with an apology on Twitter. Kusama blamed the whole team for the wrong countdown of Shibarium.

Expectedly, the apology faced harsh comments from Twitter users, calling it very “unprofessional” and “very underwhelming.”