Shimmer (SMR) Cryptocurrency: 35% Plunge After Bitfinex Delisting

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. SMR Price Crash
  2. Shimmer Community Reaction
  3. Expert Comments


    4. Shimmer (SMR), the native cryptocurrency of IOTA’s Layer-2 scalability platform, has experienced a significant 35% drop in value, falling to $0.004158 following its delisting from the crypto exchange Bitfinex.

    SMR Price Crash

    At its launch in early 2023, IOTA founder Dominik Schiener noted that Shimmer would promote IOTA's growth. However, since its launch in September 2023, SMR has lost 93% of its value and is currently valued at $7.5 million. Shimmer’s native tokens facilitate transactions on the platform and protect against spam attacks. These functionalities failed to drive demand for SMR tokens on the Shimmer EVM and other network layers.

    Shimmer Community Reaction

    The recent delisting of SMR tokens by Bitfinex has led to significant backlash within the community. Popular crypto blogger Crypto Bratan claimed he lost over €100,000 by investing in SMR tokens. Bitfinex was the only major exchange trading SMR tokens.

    It seems that Dom Schiener, the founder of IOTA and SMR, has scammed me and others. It’s unbelievable that people still believe in IOTA.Crypto Bratan

    Expert Comments

    Guido Lange, founder of Block-builder.de, noted that Bitfinex’s delisting of SMR isn’t a big surprise given the nearly zero trading volume. With a market cap of $7 million, SMR shows low liquidity on other exchanges as well.

    This is most likely the final nail in the coffin for SMR. A single $1,000 sell order could crash the price further by 60%.Guido Lange

    The delisting of Shimmer (SMR) tokens from Bitfinex has triggered a price fall and a wave of criticism from the community. Questions about the project's future and the trust in its leadership remain.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Ethereum's Glamsterdam Upgrade Scheduled for Hoodi Test Network

Ethereum's next major upgrade, Glamsterdam, is set to activate on the Hoodi test network on October 26, marking a significant step in testing changes to block production and execution costs.

user avatarMiguel Rodriguez

International Crackdown on West African Scam Networks Results in 28 Arrests

An international effort against West African scam networks has led to 28 arrests and the removal of over 37 million accounts linked to fraudulent activity.

user avatarLuis Flores

Stablecoin Payment Transactions Surge Despite Flat Supply

A new report reveals a significant increase in stablecoin payment transactions, contrasting with stagnant supply levels.

user avatarArif Mukhtar

MARA Holdings Transfers 1,000 BTC to Exchanges Amid Market Scrutiny

MARA Holdings has transferred approximately 1,000 BTC to Binance and Gate over the past five days, raising questions about its treasury movements.

user avatarDavid Robinson

CryptoBilis Case Exposes Vulnerabilities in Hardware Wallets

The CryptoBilis case reveals vulnerabilities in hardware wallets, leading to $90 million in losses due to tampered devices.

user avatarMaria Gutierrez

California Reaches $500,000 Settlement with Fidelity Over Crypto Withdrawal Restrictions

California has reached a $500,000 settlement with Fidelity Digital Asset Services regarding restrictions on crypto withdrawals.

user avatarAndrew Smith

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.