Bitcoin (btc) is up 2% at dawn, while the SHIB meme currency community is in crisis.
Many altcoins are falling at dawn, with emphasis on the -3.41% drop of the Shiba Inu (SHI) meme coin.
Crisis at SHIB
The Shiba Inu (SHIB) price has dropped as much as 10% in the last 24 hours due to controversy surrounding the source code of the upcoming Shibarium blockchain, a second layer for the SHIB network.
The beta version of the layer 2 network was launched last week, but on Thursday concerns were raised about the Shibarium beta testnet having used the same chain ID as an existing blockchain.
This raised concerns about the possibility of a copy of the code and cast doubt on the project.
While some community members expressed concerns, others stated that there was no evidence that this was a direct fork and that copying existing software is common practice. As a result, the price of SHIB and the Shiba Inu ecosystem’s BONE and LEASH tokens plummeted.
banking crisis continues
In recent days we have seen a huge banking crisis with the failure of 3 major banks in the United States and now Credit Suisse has just received the news that the Swiss National Bank will offer liquidity.
Even so, concerns in the banking sector remain.
At a time when many banks are facing liquidity issues, many retail investors may see bitcoin as a way to protect capital, as the cryptocurrency is impossible to confiscate if stored properly.