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

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by Giorgi Kostiuk

10 months ago

  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.

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