Major Shiba Inu Challenge Spotted By Team Member: Is SHIB At Risk?

The Shiba Inu (SHIB) ecosystem has become a reputable force in the crypto space. Still, Shiba Inu’s team member recently spotlighted a major ecosystem challenge. This has raised speculations and discussions about SHIB’s future price trajectory amid the current downtrend in the crypto market.

In an X post, Lucie, Shiba Inu’s Marketing Lead, highlighted the need for security in the crypto market. She claims the market’s growth largely depends on the coexistence of Decentralized Finance (DeFi) and unity.

Lucie’s comment is in response to a post from @ShibianaBones X account. The post disclosed that many Shiba Inu community members prefer large Centralized Exchanges (CEX) over decentralized wallets like MetaMask. ShibianaBones emphasized that the preference is based on the potential security issues of using a MetaMask wallet.

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Consequently, ShibianaBones believes the price of BONE will climb higher if the 3 to 5 largest exchanges list the token. While Lucie affirmed the post, she noted that many Shiba Inu community members must truly understand DeFi. Lucie emphasized,

“It’s not only about pumping Bone’s price—my message is about the growth of the entire Shibarium, Shib, Bone, and the Shib ecosystem.”

Security Breaches on Mainstream Wallets, Recommendation for SHIB

The Marketing expert highlighted several mainstream wallets and exchanges that have experienced security breaches over the past few years. These breaches, which occurred through various means, resulted in users’ losing funds and the overall trust in the crypto ecosystem.

Blockchain analysis firm Chainalysis revealed that over $1.7 billion in crypto was stolen in 2023 ($3.8 billion in 2022). Lucie highlighted some notable hacks, including the 2014 hack of Mt. Gox, Bitfinex, Coincheck, KuCoin, Binance, Poly Network, and others.

In August 2023, malicious hackers pounced on a weakness in the Poly Network decentralized finance network and stole over $34 billion. Following the hack, the project’s developers established several addresses for the funds’ refund. Surprisingly, all assets were returned to Poly Network 15 days after the hack.

Many FTX wallet holders reported $0 balances in their FTX.com and FTX US wallets after the exchange filed for bankruptcy in 2022. Customers experienced more than $477 million stolen from its crypto wallets on the day it filed for Chapter 11 bankruptcy.

Therefore, Shiba Inu investors are advised to learn about the crypto space properly before committing their funds to platforms.

SHIB Price and Expectations

Meanwhile, Shiba Inu’s volatility recently decreased to nearly zero, with the asset now trading in a small range. As of this writing, the SHIB price is trading at $0.00001683, demonstrating a 2% increase in the last 24 hours.

The daily trading volume increased 7.2% to $273.8 million, suggesting investors renewed interest. The surge in SHIB’s price comes shortly after the Shibarium network reached a yearly high in trading activity. SHIB could see a major break if market sentiment regarding memecoins improves.

Though challenges remain on the horizon due to uncertainty in the market, Shiba Inu appears ready for a breakout.