Less than a month after its launch, Shardeum's token price has plummeted by 60%. The project, co-founded by Nischal Shetty, is facing increasing criticism.
Launch and Promises of Shardeum
Shardeum was launched on April 15, 2023 by Nischal Shetty, co-founder of the popular crypto exchange WazirX. The project claimed to offer an EVM-compatible smart contract platform that is highly scalable with low transaction fees, positioning itself as a serious competitor in the blockchain space.
Current Situation and Price Drop
Currently, Shardeum's token (SHM) has lost nearly 60% of its value, trading around $0.08787 after reaching a peak of $0.3708 on May 10. The project's market capitalization is only $1.71 million, with a 24-hour trading volume of $723,000, raising concerns among investors.
WazirX Challenges and Criticism of Nischal Shetty
The crisis has also affected WazirX, with its token WRX falling 44.35% in the last month and now priced at $0.01802. Furthermore, the lack of information regarding the court's restructuring decisions in Singapore and WazirX itself intensifies public dissatisfaction and distrust towards Nischal Shetty.
The launch of Shardeum has resulted in a steep price decline and ongoing legal troubles surrounding WazirX, adversely affecting the reputation of Nischal Shetty and the new project.
