Shiba Inu has grabbed the attention of Google Trends following Shibarium Launch; Bitget explains why the price is still low.
Shiba Inu (SHIB) has crashed over 22% in the past week. The Shiba Inu community had anticipated SHIB to be in a much better position amid a recent ecosystem development.
Meanwhile, the renowned crypto copy trading exchange, Bitget, has highlighted the dynamics impacting the price of Shiba Inu.
In a recent tweet, Bitget mentioned that Shiba Inu has been gaining attention on Google Trends, a website that tracks search interest for different topics. However, despite the rising interest, Shiba Inu is in a significant bearish trend.
The exchange noted that the opposing turnout was due to the launch of Shibarium and the issues that followed its unveiling.
📣 Due to the unexpected traffic surge after the launch of #Shibarium, the network entered a fail-safe mode and halted operations to ensure funds safety. As a result, SHIB's anticipated performance was realized and it declined. pic.twitter.com/ND6lsX1g1N
— Bitget (@bitgetglobal) August 22, 2023
According to Bitget, the introduction of Shibarium brought an unexpected surge in traffic on the Shiba Inu network. As part of its design, the Shibarium blockchain entered a fail-safe mode. It momentarily ceased operations to ensure the safety of users’ funds.
Bitget noted that the development impacted the price of Shiba Inu. Notably, investors had expected the launch of Shibarium to be a positive catalyst for SHIB. However, the unexpected problems caused the opposite effect. Shiba Inu declined at least six percent on the day of the Shibarium launch.
Meanwhile, as The Crypto Basic reported, the Shiba Inu development team has scaled Shibarium’s operating capacity. In particular, Shibarium’s is now up by 1,500%. The team achieved the feat in collaboration with the Alchemy development team.
Additionally, the report noted that Shibarium’s server infrastructure has been bolstered by 1,500%. While Shibarium returned with improved capacity, the Shiba Inu ecosystem tokens are yet to recover from the bearish trend.
Bone, the official gas token for Shibarium, trades at $1.17 after crashing by 21.57% in the past week. However, Doge Killer (LEASH) is in much worse shape. The coin is down significantly by 33.21% in its cumulative seven-day performance.