Just over a month after its token went live, Shardeum, the much-hyped blockchain project co-founded by WazirX’s Nischal Shetty, has seen its price nosedive nearly 60%.
From promising low gas fees and scalable smart contracts to now ranking #3460 on CoinMarketCap, Shardeum’s rapid downfall is triggering fresh backlash against Shetty, especially as thousands of WazirX hack victims are still waiting for justice, refunds, or even a basic response.
It’s been just over a month since Shardeum’s token (SHM) started trading on CoinMarketCap. But it has lost nearly 60% of its value in that short span. From hitting an all-time high of $0.3708 on May 10, it’s now trading at just $0.08787, down nearly 77% from its peak.
Shardeum was launched on April 15 by Nischal Shetty, the same person who co-founded WazirX, once India’s most popular crypto exchange. The project promised something big: a smart contract platform that’s EVM-compatible, linearly scalable, and designed to keep gas fees low forever. It runs on “dynamic state sharding” and was positioned as a serious alternative in the blockchain space.
But promises aside, the numbers tell a different story. Its current market cap is just $1.71 million, with a 24-hour trading volume of $723,000, a decent figure, but not enough to inspire confidence after such a sharp drop.
That silence is now haunting Shardeum. Because no matter how impressive a new project might sound, trust is hard to rebuild, especially when thousands are still waiting for answers.
Things haven’t improved on the WazirX side either. Its token WRX has dropped 44.35% in the last month, now priced at just $0.01802. Market cap values at $6.88 million, a shadow of what it once was.
There was some hope earlier this month when Singapore’s court was expected to deliver a decision on Zettai’s restructuring plan for WazirX by June 20. But as of June 23, there’s been no update, not from the court, not from WazirX, not from Shetty. Hundreds of tweets have gone out demanding clarity, but there’s been no response.
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