Significantly, this rug pull perturbed Shibarium and its parent memecoin, Shiba Inu (SHIB). According to sentiment analytics from Santiment, the rug pull led to a palpable decline in investor sentiment towards SHIB. Additionally, the price of SHIB suffered a sharp drop, adding more stress to an already edgy investor base.
Troubling Times for Binance Smart Chain
Coinglass data indicates a spike in short positions, 55.96% of which are against SHIB. Hence, this bearish sentiment might continue to erode SHIB’s market stability. Meanwhile, BSC has seen a decline in activity by 18.3% in the last month, accompanied by a revenue dip of 16.4%, as per data from Token Terminal.
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Must ReadThe Shibarium rug pull is a cautionary tale since it underscores the fragility of meme ecosystems and the risks of investing in them. Investors should tread carefully, especially in a landscape where sentiment can change swiftly and dramatically.
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