The Shiba Inu (SHIB) meme token and its other ecosystem tokens $LEASH and $BONE have been crashing hard on Thursday, amid a turbulent launch of Shiba Inu’s Shibarium layer-2 Ethereum scaling solution.
Shiba Inu developers launched the public alpha version of their blockchain, which will from now on provide the underlying infrastructure to the entire Shiba Inu ecosystem, on Wednesday.
But reports quickly began circulating that there were problems with bridging funds to the layer-2 blockchain from Ethereum.
While Shiba Inu’s lead developer who goes by the pseudonym Shytoshi Kusama has since put out a blog post pushing back against FUD and putting the protocol’s stuttering start down to “insane traffic”, $SHIB, $LEASH and $BONE have failed to recover.
$SHIBA was last trading lower by around 7.5% on Thursday and at current levels near $0.0000085, is down around 25% versus last week’s highs above $0.0000011.
$LEASH, meanwhile, was last down around 8% near $450 and down over 33% versus the highs it hit around $690 three days ago.
Finally, $BONE was down around 10.5% on Thursday and, at current levels near $1.20, is also down around 33% versus its earlier monthly highs.
The Shibarium protocol’s imperfect start, coupled with a sell-the-fact reaction to the protocol’s launch after a big build of hype earlier in the month, aren’t the only things weighing on Shiba Inu ecosystem tokens, however.
The broader crypto market is under heavy sell pressure on Thursday after Bitcoin ($BTC) and Ether ($ETH) fell through key levels of long-term support.
Here are three Shiba Inu ($SHIB) alternatives to consider buying on Thursday as the meme token’s price crashes.
Wall Street Memes ($WSM)
One of the internet’s most powerful retail investing communities Wall Street Memes, which has over 1 million followers across all its social media platforms and helped pump the meme coin mania that bankrupted a major Wall Street hedge fund in 2021, is making big moves in the crypto space.
Wall Street Memes is launching its very own meme coin, and has already raised a whopping $24.6 million, which will be used to fund marketing to build hype surrounding the project.
Those funds have already been going to good use – some of the crypto industry’s top influencers and analysts have been promoting the coins potential and the stage is set for a huge pump when the $WSM token launches across major tier-one exchanges in jst over 40 days.
Buy $WSM Here
Sonik ($SONIK)
A brand-new meme coin called Sonik Coin ($SONIK) has just launched in presale and has raised close to $100,000 in funds in just its first day.
The token is based on SEGA’s bestselling, multi-billion-dollar Sonic franchise, which is of course based around the main character Sonic the Hedgehog.
50% of the project’s token will be available in a presale that looks to raise just over $2 million, with 40% of the supply dedicated to staking rewards for those who HODL and stake their tokens.
The final 10% is dedicated to liquidity.
Buy $SONIK Here
Launchpad xyz (LPX)
Launchpad xyz is building an all-encompassing web3 platform to guide newbies and crypto pros alike through the complicated, but highly profitable world of crypto trading and investing.
The platform, which hopes to help onboard the next 10 million web3 users, will is also building tools to make navigating the NFT markets, web3 metaverse and play-to-earn gaming worlds easy.
Launchpad xyz is currently running a presale of its native $LPX token that will be used to access its premium features, with over $1.3 million in funds already raised.
Follow Launchpad xyz on Telegram for early access to the platform’s excellent trading signals, which have already been handing investors exponential gains.
Buy $LPX Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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