Shiba Inu Developers Resolve Issues with CoinMarketCap
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Recent reports show that Shiba Inu (SHIB), via its official Twitter handle, has issued an update on the recent CoinMarketCap incident. The handle tweeted that the behemoth crypto ranking website recently contacted Shiba Inu’s developers to resolve the recent “wormhole” addresses issue.
The SHIB community recently alerted about three fake smart contracts on three Ethereum killers, including Binance Smart Chain, Terra, and Solana that are displayed on the “front page of crypto.”
The SHIB team has since clarified that any non-Ethereum address is invalid considering that SHIB is an ERC-20 token; tokens sent to addresses on other chains would be permanently lost.
CoinMarketCap was quick to issue a statement explaining that these were just wormhole bridges for cross-chain transactions with wrapped versions of the token. That said, the addresses in question are not fraudulent, instead, they are supposed to improve user experience.
While the Shiba Inu team acknowledged the importance of interoperability, they argued that there are “fundamental limits” to the degree of security that such bridges provide.
Supporting the concerns raised by the SHIB community, developers also called out CoinMarketCap for implementing such “centralized” decisions for SHIB while backpedaling on accusations of listing fake smart contract addresses.
Before that, the meme coin’s community called out CoinMarketCap for displaying an incorrect circulating supply for SHIB.
Key Shiba Inu Levels to Watch — January 19
Shiba Inu’s bearish woes continued on Wednesday as it fell to the $0.0000275 support. However, the meme token appears to have stalled the bearish descent at the $0.0000275 amid a mixed trading sentiment in the broader market.
Once again, SHIB faces a critical juncture at the $0.0000275 support, as a slip beneath this level could strengthen the bearish bias and accelerate a fall to the $0.0000250 low for the first time in three months. That said, analysts opine that the recent spike between January 10 and 12 might have been a bull trap, as SHIB threatens to continue on a bearish trend.
Meanwhile, my resistance levels are $0.0000300, $0.0000325, and $0.0000340, and my support levels are $0.0000275, $0.0000260, and $0.0000250.
Total Market Capitalization: $1.97 trillion
Shiba Inu Market Capitalization: $15.3 billion
Shiba Inu Dominance: 0.77%
Market Rank: #13
