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- The network’s transactions have been halted for a minimum of five hours.
- SHIB’s value has decreased by more than 9 percent in the past 24 hours.
The Shibarium blockchain, an Ethereum layer-2 network that employs SHIB tokens for transaction fees, was launched late Wednesday. Shibarium is part of a broader initiative that positions Shiba Inu as a viable blockchain project.
Prepare yourselves #SHIBARMY
Shibarium is officially live and ready for exploration: https://t.co/56VsqOa2jt
— Shib (@Shibtoken) August 16, 2023
Shibarium is officially live and ready for exploration: https://t.co/56VsqOa2jtDevelopers are actively enhancing the functionality of its tokens via the Shibarium network to establish a presence in the growing decentralized finance (DeFi) sector. As the network will utilize BONE, TREAT, SHIB, and LEASH tokens for blockchain applications, the demand for these tokens may increase their market values.
In addition to serving as an economical settlement option for DeFi applications built on it, Shibarium is said to focus on metaverse and gaming applications. Specifically, the NFT sector is anticipated to gain momentum in the upcoming years.
Shiba Inu (SHIB) 24H Price Chart (Source: CoinMarketCap)
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Conversely, according to data from CMC, the price of Shiba Inu (SHIB) has fallen by over 9 percent in the last day. At the same time, users faced significant bridge issues following the launch of the highly anticipated Shibarium network late Wednesday.
Transactions on #Shibarium are currently pending.
$1.7M is presently locked on ETH.
Users are recommended to temporarily refrain from using Shibarium. https://t.co/io5puAibBc https://t.co/q2SXqtthoO— Beosin Alert (@BeosinAlert) August 17, 2023
Blockchain data indicates that the network’s transactions have been stalled for at least five hours. Users had sent 954 ether (ETH) valued at $1.7 million and BONE worth $750,000 to the contract.
Shortly after users began reporting issues, they were barred from commenting on a related community thread on Discord. Shibarium’s troubled launch, which was intended to create a low-cost, high-growth ecosystem, did not commence as anticipated.
The crypto community is awaiting clarification or a statement regarding the situation. Meanwhile, the Shibarium team has yet to provide any response.
Related Crypto News:
Shiba Inu (SHIB) Price Prediction 2023
