- Shimmer’s native cryptocurrency, SMR, has plunged by 35% following its delisting from Bitfinex, resulting in a major 93% drop in worth since its launch.
- The delisting has triggered a serious backlash from the Shimmer group, with some traders, together with distinguished determine Crypto Bratan, claiming vital losses of 100,000 EUR.
Shimmer (SMR), the native cryptocurrency of IOTA’s Layer-2 scalability platform, has crashed by an enormous 35% within the final 24 hours, falling to $0.004158 following the altcoin’s delisting from crypto alternate Bitfinex.
Throughout its launch final 12 months in early 2023, IOTA founder Dominik Schiener stated that Shimmer would enhance the expansion trajectory of IOTA. Nonetheless, since its launch final September 2023, Shimmer’s native crypto SMR has misplaced 93% of its worth and is presently buying and selling at a valuation of $7.5 million.
Shimmer Community’s native SMR tokens facilitate seamless transactions on the platform and safeguard it in opposition to spam assaults by utilizing a storage deposit mechanism. This mechanism mandates that every one knowledge saved on the Tangle, together with NFTs, SmartContract chain state anchors, and Native Belongings, be backed by $SMR tokens, per the CNF report.
Moreover, utilizing the SMR tokens, customers pays charges on the Layer 2 good contract chains in addition to on the decentralized exchanges (DEXs) and lending protocols. Regardless of this performance, it did not drive the demand for SMR tokens on the Shmmer EVM whereas failing to spice up its utility past the Layer 1 community.
In the end, SMR tokens underpin Shimmer’s continued innovation, laying a robust basis for blockchain-based functions and fostering higher safety and effectivity throughout the community, reported CNF.
Shimmer Neighborhood Backlash on the Rise
The latest delisting of SMR tokens by crypto alternate Bitfinex has led to a serious group backlash on social media. Standard crypto deal with Crypto Bratan said that he misplaced greater than 100,000 EUR by investing in SMR tokens. Crypto alternate Bitfinex was the one well-liked alternate buying and selling Shimmer’s native SMR tokens.
Crypto Bratan, who claims to have misplaced over €100,000 on $SMR, accused Dom Schiener, the founding father of $IOTA and $SMR, of deceptive traders. He expressed disbelief that individuals proceed to assist IOTA after the fallout with SMR. The delisting marks a major setback for $SMR, elevating questions on the way forward for the undertaking and the belief in its management.
$SMR is getting delisted from Bitfinex, the one crypto alternate the place it was listed.
It now appears that @DomSchiener, the founding father of $IOTA and $SMR, has scammed me and others.
That is actually unbelievable. I’ve misplaced over €100,000 on $SMR.
How can folks nonetheless imagine in $IOTA… pic.twitter.com/KFrn91DKGf
— Crypto Bratan (@cryptobratan1) August 13, 2024
Guido Lange, founding father of Block-duilder.de, additionally stated that Bitfinex’s delisting of SMR isn’t a giant shock for the reason that crypto’s buying and selling quantity was nearly nill. He added that the one alternate the place SMR can’t commerce is MEXC; nonetheless, a $1K promote order may crash the worth additional by 60%.
Bitfinex determined to delist Shimmer, which isn’t a giant shock contemplating the present buying and selling quantity, market cap ($7M🤣) and liquidity. Nonetheless, that is probably the ultimate nail within the coffin for $SMR. The one alternate left now’s MEXC, however a $1k promote order there would convey… https://t.co/CtX8827RiO pic.twitter.com/5DEMJS2dLP
— Guido Lange (@GuidoLange) August 13, 2024
