Shiba News: What’s Happening with the Meme Coin and Its Layer-2 Blockchain Shibarium
Shiba Inu (SHIB) is a meme coin that was inspired by Dogecoin (DOGE) and features the image of a Shiba Inu dog as its logo. SHIB is one of the most popular and volatile cryptocurrencies in the market, with a market capitalization of over $2 billion as of August 19, 2023. SHIB is also the native token of ShibaSwap, a decentralized exchange (DEX) that allows users to swap, stake, and farm various tokens related to the Shiba Inu ecosystem, such as LEASH, BONE, and TREATS.
One of the most anticipated developments for SHIB is the launch of Shibarium, a layer-2 blockchain that aims to provide faster, cheaper, and more scalable transactions for SHIB and other tokens. Shibarium is based on Optimism, a leading Ethereum layer-2 solution that uses optimistic rollups to process transactions off-chain and periodically submit them to the main chain. Shibarium uses SHIB as its gas fee, which means that users need to pay SHIB to execute transactions on the network.
Shibarium was officially launched on August 18, 2023, after months of testing and development. The launch was announced by Shytoshi Kusama, the lead developer of Shiba Inu, on X (formerly Twitter). He also thanked Charles Hoskinson, the founder of Cardano (ADA), for his support and advice on Shibarium. Hoskinson replied by congratulating Kusama and the Shiba Inu team for their achievement and expressing his interest in collaborating with them in the future.
However, the launch of Shibarium was not without challenges and setbacks. Shortly after going live, Shibarium experienced technical issues that prevented users from withdrawing their funds from the network. According to Kusama, over $1.7 million worth of Ethereum (ETH) was stuck in Shibarium due to a bug in the Optimism code. He assured users that their funds were safe and that the team was working hard to fix the problem as soon as possible.
The technical issues also affected the prices of SHIB and BONE, the governance token of ShibaSwap. Both tokens experienced significant drops after the launch of Shibarium, as some investors lost confidence and sold their holdings. SHIB fell by 8% in 24 hours, while BONE plummeted by 29%. However, some analysts believe that this is a temporary setback and that SHIB and BONE will recover once Shibarium is fully functional and stable.
Despite the difficulties, Shibarium also received positive feedback and support from many users and influencers in the crypto community. Some praised Shibarium for its innovation and potential to boost the adoption and utility of SHIB and other tokens. Some also pointed out that Shibarium had a remarkable on-chain activity, with over 4.7 trillion SHIB moved to a new wallet by a whale investor. Moreover, some noted that Shibarium had burned over 357 million SHIB in 24 hours, which could reduce the supply and increase the demand for the token.
Conclusion
Shibarium is a major milestone for Shiba Inu and its ecosystem. It is a layer-2 blockchain that aims to provide faster, cheaper, and more scalable transactions for SHIB and other tokens. However, the launch of Shibarium was not smooth and flawless. It faced technical issues that caused over $1.7 million worth of ETH to be stuck in the network and triggered a price drop for SHIB and BONE. Nevertheless, Shibarium also received positive feedback and support from many users and influencers in the crypto community. They recognized its innovation and potential to boost the adoption and utility of SHIB and other tokens. Therefore, Shibarium could be a game-changer for Shiba Inu if it can overcome its challenges and deliver its promises.
