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Shiba-Inu and Coinmarketcap to Resolve Wormhole Issues?

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Jan 19, 2022

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The wormhole contracts disagreement between Shiba Inu developers and the CoinMarketCap team has been settled amicably. The meme coin’s official Twitter page revealed that talks between the two sides are still ongoing. A thorough account of the occurrence was also presented.

What Exactly Happened?

The confusion began when the official Shib account issued a formal statement regarding the CoinMarketCap addresses, claiming that they were hazardous to use.

Later, an update on the recent CoinMarketCap issue was provided by the official Shiba Inu Twitter account. According to SHIB, the major cryptocurrency ranking website has already contacted the coin’s developers to resolve current “wormhole” address concerns.

According to the Shibu Inu community, three fake smart contracts on three “Ethereum killers” (Binance Smart Chain, Terra, and Solana) have been placed on the “first page of crypto.” Any non-Ethereum address is invalid, according to the specification, because SHIB is an ERC-20 coin. Tokens sent to addresses on other chains would be lost forever.

Furthermore, the Shibu Inu community chastised CoinMarketCap’s activities for making “centralised” decisions about the coin. It did not, however, reiterate its charge of listing fake intelligent contract addresses. It also accused the firm of portraying the cryptocurrency circulating supply incorrectly.

The development team also acknowledged the significance of cross-chain interoperability. However, it should be noted that these bridges pose hazards and security vulnerabilities. It thinks, however, that this should not deter cross-chain innovation.

The message also reiterated community members’ overall worries about CoinMarketCap’s behaviour. Shiba Inu, which prides itself on decentralisation, pointed out that the choice to allow wormhole addresses was centralised by CoinMarketCap.

Meanwhile Shiba-inu has dropped by one percent and is currently trading at $0.00002786 and the price action for the next 24 hours looks bearish. If the bulls push the price above $0.00002850 then the bearish analysis will be invalidated.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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