After a stellar performance in 2021/2022, Shiba Inu (SHIB) appears to have hit a roadblock. The proposed ecosystem, Shibarium, has run into trouble. Investors are turning to other assets with less controversy. Shiba Inu’s (SHIB) main competitor, Dogecoin (DOGE), is one route for these investors. But there’s a wildcard. TMS Network (TMSN) is a new DEX built on Ethereum that’s set to revolutionize the way traders trade on-chain. And it’s in phase two of presale.
Shiba Inu (SHIB) – Time to bail?
Shiba Inu (SHIB), known as a “Doge Killer,” is one of the best-known meme coins. Initially created as a competitor to Dogecoin (DOGE), Shiba Inu (SHIB) has recently tried to shake its meme status. It was hoped that the new Shibarium ecosystem would add real utility to Shiba Inu (SHIB). Yet, controversy strikes again.
Several users on Twitter pointed out similarities between the Shibarium code and that of another project, Rinia. Developers working on the Shiba Inu (SHIB) based project refuted these claims. The Shibarium project’s integrity was questioned, and some Shiba Inu (SHIB) whales began running for the door. Shibarium has been one of the main reasons for investing in Shiba Inu (SHIB).
Although Shibarium and Rinia share similarities, the FUD appears to be overblown. The lead Rinia developer stated on Telegram that they did not copy the code. Many of the Twitter users accusing the Shibarium developers have since apologized. Still, the reputational damage is done.
FUD spreads like wildfire in the crypto market, and it will take a while for trust in Shibarium and Shiba Inu (SHIB) to return. So where did these whales go?
The case for Dogecoin (DOGE)
The most popular destination for any dog coin investor is the OG – Dogecoin (DOGE). Free of controversy, Dogecoin (DOGE) is to the meme-coin market what Bitcoin (BTC) is to the entire crypto market. Almost acting like a haven for dog coin investors, Dogecoin (DOGE) has remained solid.
Dogecoin (DOGE) enjoys public support from celebrities like Elon Musk. The relationship between Elon’s Tweets about Dogecoin (DOGE) and the DOGE price is fascinating. Sometimes all it takes for Dogecoin (DOGE) to pump 10% is a single Elon tweet. Yet, it is not just Elon that makes Dogecoin (DOGE) popular. Proponents of DOGE cite its speed compared to Bitcoin and its status as a “gateway coin” to the crypto market.
A New Contender? – TMS Network (TMSN)
Fresh from phase one of presale, TMS Network (TMSN) is a new shining example of a decentralized exchange. Built on and leveraging the security of Ethereum, TMS Network (TMSN) offers many asset classes previously unseen in blockchain trading. From CFDs to crypto, stocks to FOREX, TMS Network (TMSN) caters to traders from all backgrounds.
TMS Network (TMSN) holders enjoy significant benefits on the platform. Commission fees are shared with holders, and additional trading tools are available exclusively to TMS Network (TMSN) token holders. From trading bots to on-chain data and in-house research, traders on the TMS Network (TMSN) platform are provided with everything they need to gain an edge in the market.
Having raised $2 million in the first phase of presale, it’s no wonder TMS Network (TMSN) has piqued investor interest. The recent controversies surrounding Shiba Inu (SHIB) have many looking elsewhere. Now in phase two, TMS Network (TMSN) will surely be on the list of prospective investments for SHIB whales.