Shock Drop: WazirX Co-Founder’s Shardeum Plummets 60% After Market Debut

Just when you thought crypto winters were behind us...

Shardeum, the hyped blockchain project from WazirX co-founder Nischal Shetty, nosedived 60% post-listing—proving once again that in crypto, gravity always wins eventually.

The brutal correction comes despite heavy marketing positioning Shardeum as an 'Ethereum killer' with its dynamic state sharding tech. Turns out even revolutionary tech can't defy bear market physics.

VCs who bought the top are now learning the hard way that in crypto, 'groundbreaking infrastructure' often just means 'new way to lose money faster.'

Silver lining? At least it didn't pull a Terra/Luna. Small mercies.

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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