Shiba Inu (SHIB) is one of the crypto projects with the strongest community support, which contributes to positive evaluations in the space, market positioning, and growth. However, recent developments related to Shibarium could test this community’s resilience.
CertiK Skynet — a Web3 security and due diligence expert platform — rates Shiba Inu as an ‘AA’ project, with a security score of 91.37 out of 100. This puts SHIB in the 44th rank, according to CertiK’s index, among the top 10% of cryptocurrencies.
Shiba Inu shows generally high scores for all six categories analyzed there, only scoring less than 90/100 for ‘Fundamental Health’. The categories’ scores are as follows:
- Fundamental Health: 73.75
- Governance Strength: 92.97
- Operational Resilience: 93.07
- Community Trust: 93.52
- Code Security: 94.28
- Market Stability: 96.15
Shibarium failure could affect SHIB’s rating
Market’s expectations were high, regarding the launch of Shibarium — a layer-2 blockchain for Ethereum (ETH) that would use SHIB as its native token, to build its own Web3 ecosystem. Mostly because it would create new demand for the meme coin, integrating its use (and value) into the new ecosystem.
But the launch wasn’t as expected, with over $1.7 million in ETH locked on the bridge between Ethereum’s layer-1, and Shibarium itself, due to bad-functioning on the code. Some sources say that this number could be even bigger now, with over $2.5 million stuck, as people continue to use the bridge.
A screenshot being shared on Twitter (X), which was allegedly captured from an internal Telegram conversation, shows one Shibarium team member saying they’ve made a mistake, and cannot “recover the ETH bridged.”
If the developers can’t solve this mistake, this could affect the, yet unaffected rating by CertiK. Possibly impacting all categories, which could impact SHIB’s price on the cryptocurrency market.
SHIB price analysis
Meanwhile, SHIB is trading at $0.0000089 by press time, registering 7.26% losses in the last 24 hours. Shiba Inu’s weekly performance is also negative, with over 9% losses, but the monthly performance is still on green, with over 16% gains in the last 30 days.
All things considered, Shibarium’s recent failure could indeed have a major effect on the price of Shiba Inu, although the quantity of this effect will further depend on the general sentiment on the wider crypto market, the decrease in the token’s demand, and other developments, positive or negative news surrounding the SHIB ecosystem.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
