• Shiba Inu (SHIB) has dropped by more than 7.5% today, following the launch of the Shibarium layer-two network.
• Reports indicate that around $2.5 million in funds has been lost on bridges to/from Shibarium, undermining trust in its security and stability.
• SHIB’s price and indicators all fell sharply after the launch of Shibarium, with its 30-day moving average (yellow) about to flatten out and descend again.

Overview of Shiba Inu Drop

The Shiba Inu price has dropped by more than 7.5% today, with its slide to $0.00000888 coming after the full public launch of the much-anticipated Shibarium layer-two network. This means SHIB is down by 9% in the past week, with Shibarium’s arrival being plagued by technical issues that have dragged down the meme token’s price.

Lost Funds on Bridges

Most notably, reports indicate that around $2.5 million in funds has been lost on bridges to/from Shibarium, something which has already undermined trust in the layer-two network’s security and stability. And unless these funds can be retrieved and a clear fix can be introduced, it’s possible that SHIB will continue sliding in the next few days.

Falling Price & Indicators

SHIB’s price and indicators all fell sharply after the launch of Shibarium, with its relative strength index (purple) plunging from more than 70 a few days ago to just under 50 today, and its 30-day moving average (yellow) about to flatten out and descend again – even though it hadn’t even reached its 200-day average (blue) prior to losing steam.

Support Level Testing

At the same time, SHIB’s medium-term support level (green) is about to be tested at around the $0