Shibarium Mainnet Debut: Turbulence and Price Slumps Shake Shiba Inu
The launch of Shibarium's mainnet, an Ethereum layer-2 scaling solution, has faced unexpected challenges, causing price drops within the Shiba Inu ecosystem.
After extensive testing involving millions of users and 21 million wallets, Shibarium’s successful mainnet launch on August 16 aimed to address Ethereum‘s scalability issues and elevate Shiba Inu from a meme coin.
Shiba Inu gained popularity in the 2020-2021 bull market but lost over 90% of its value in the subsequent bear market. The community, however, remained strong, establishing decentralized elements like ShibaSwap and the native token BONE.
Anticipation around the Shibarium mainnet boosted SHIB’s price, attracting interest from over 100 companies looking to develop on the platform.
Despite the anticipation, both SHIB and BONE tokens suffered price declines post-launch due to concerns about asset recovery on the Shibarium network. Users faced difficulties transferring assets from Ethereum.
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Notably, Chinese blockchain journalist Colin Wu highlighted that 965 ETH, worth $1.7 million, became trapped on the bridge to Shibarium. The Remote Control Protocol also faced issues, hampering network interaction and data retrieval.
Block production problems were evident as the Shibarium explorer showed a 7-hour block generation pause. SHIB’s value declined to $0.0000085, down 10%, while BONE dropped over 15% to $1.22 in the reporting period.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
