Shiba Inu Adds Zero to Price Despite Positive Shibarium News

The Blockchain Futurist Conference has recently begun in Toronto, Canada, featuring various speakers including Shytoshi Kusama, the lead developer of SHIB. During the event, Kusama delivered a speech lasting around five minutes.

A communication from Kusama has led to speculation about the potential debut of Shibarium on August 16. It’s worth noting that the launch of the layer-2 network has encountered several delays attributed to issues related to development.

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However, despite the positive news around Shibarium, the price hasn’t shown the same positive trajectory. Data from CoinMarketCap shows that Shiba Inu’s price is down by over 8% in the last 24 hours.

Shiba Inu is down by 8.5% in the last 24 hours

Recent anticipation regarding the launch of Shibarium has pushed the price of Shiba Inu by over 17% in the last 14 days. However, there has been an 8% drop in the price of the meme coin in the last 24 hours.

SHIB has dropped from a 24-hour high of $.00001061 before falling to its current price of $0.000009715. The price drop has added a zero to its price, which recently breached the $0.00001 level. The likelihood of the price drop could be due to the surge in sell-offs by traders trying to bag their profit.