Shiba Inu Consolidates Alongside Dogecoin In This Pattern: A Technical Analysis Of The Crypto

Shiba Inu (CRYPTO: SHIB) was trading flat in consolidation during Thursday's 24-hour trading session, in tandem with Dogecoin (CRYPTO: DOGE). The consolidation, in both Shiba Inu's and Dogecoin's case was taking place in the form of an inside bar pattern.

Timeline of Dogecoin, Shiba-inu

A Shiba Inu (SHIB) whale is abruptly moving hundreds of billions of tokens as a project developer debunks rumors that Shibarium, the ecosystem's new layer-2 protocol, utilizes stolen code.

More than 3.8 billion Shiba Inu (SHIB) tokens were burned and permanently eliminated in the five days following Shibarium's beta launch. According to the Shiba Inu burn tracking site Shibburn, SHIB's burn rate exploded by 1,316.

Dogecoin and shiba inu fell by as much as 5% in today's session, as markets reacted to the European Central Bank (ECB) rate hike. The bank moved to increase rates by 50 basis points, despite the recent banking crisis.

After being accused of being a clone, Shibarium, a Layer-2 solution for the Shiba Inu cryptocurrency, has caused turmoil within the community, leading to a sharp collapse for Shiba Inu, which has emerged as one of the dominant meme coins after Dogecoin.

The price of Dogecoin has gone up again in recent weeks thanks to newfound assistance from Elon Musk, the South African billionaire and CEO of companies like Tesla, SpaceX, and now Twitter.

Although the meme cryptocurrency Dogecoin (DOGE) is recording losses on multiple charts, its community still holds a bullish attitude and expects the digital asset to conclude the third month of 2023 with a significant increase to its current price.

Shiba Inu Coin News: Shiba Inu's (SHIB) upcoming Shibarium blockchain has already landed into controversy. It is alleged that the Shiba Inu developers have copied Rinia which is a different project.

The Shiba Inu price has fallen by 4% in the past 24 hours, dropping to $0.00001057 after the emergence of claims that code for the Shibarium layer-two network had been copied from the Rinia blockchain.

The Shiba Inu team has announced that there is a new shib.io website, debuting a new and improved Shib the metaverse branding.  There was a mistake with Shibarium Beta chain ID, the Shiba Inu developer also revealed.

The latest Shibarium Layer 2 scandal has attracted negative attention to Shiba Inu (SHIB) and the $BONE ecosystem. With the Shibarium layer 2 developers accused of source code copyright infringement, investors have been fleeing the networks at an unprecedented rate.