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Ringoshi Tōitsu, an operator of Unification Fund and one of its validators, has spread the word on X that the Shibarium mainnet has been restored, and blocks are being minted on it again.
In the past 24 hours, the cryptocurrency market experienced a significant crash, eliminating expectations of a bullish surge. This decline was triggered by a series of macroeconomic news, erasing the progress made over the past two months.
The cryptocurrency world is no stranger to volatility and unexpected events. The recent hiccup in the operations of Shiba Inu's Layer-2 Shibarium network is a testament to this.
Shiba Inu launched the Shibarium mainnet, a Layer 2 scaling solution and a fork of Polygon, on Aug. 16.
We round up the biggest stories in crypto this week. As Wall Street investors hold their breath for the first US spot Bitcoin ETF approval, on-chain data suggests companies stopped accumulating after major crypto collapses since then.
The price of the BONE token within the Shiba Inu ecosystem has experienced a remarkable surge of 8% during today's crypto market trading session. This resurgence comes as a much-needed reprieve following a tumultuous week marked by downward spirals.
Shiba Inu enthusiasts have been awaiting the official launch of the layer2 network Shibarium. However, the scaling solution failed to match the excitement following various issues. Invezz.com reported how Shiba Inu ecosystem tokens, including SHIB, LEASH, and BONE, slumped following the Shibarium mainnet release.
Shibarium's back on track after a long day of technical issues.
Amid fervent anticipation, the Shiba Inu token has recently weathered a storm of volatility, experiencing a significant drop of over 7.5% in a single day, causing its value to plummet to $0.00000888. This abrupt decline has cast a shadow over the much-awaited debut of the Shibarium layer-two network, which had captured the attention and interest of the cryptocurrency community.
Whales made the seventh-largest transfer of SHIB since the start of 2023, indicating increased activity and accumulation.
As the week draws to an end, the SHIB army has transferred another substantial lump of Shiba Inu meme coins to dead-end wallets. Even though the burn rate is in the red zone, the amount of meme coins that has been removed is close to 100 million.
A few hours after its launch, the Shibarium protocol started malfunctioning as few assets were being held back onto it. According to Shytoshi Kusama, founder of the Shiba Inu token, the protocol was meant to work with 400,000 compute units in a month and on that day, 160,000 compute units had already been used up within the first hour.
Someone is swapping millions worth of SHIB and BONE for PEPE.
FLOKI (CRYPTO: FLOKI), the popular cryptocurrency that emerged on the scene in June 2021, has revealed its admiration for fellow meme coins Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB). ‘No Rivalry Whatsoever' Rather than engaging in the typical rivalry seen in the crypto space, Floki has chosen to embrace fellow meme coins like DOGE and SHIB, seeing them as catalysts for its own success and as integral components of the meme coin movement.
Shiba Inu (SHIB) has leapfrogged Litecoin (LTC) on the cryptocurrency rankings following the market shake-up on Thursday. While SHIB held firm at the $0.000008 support, Litecoin (LTC) hit a yearly low of $56, taking its market capitalization below $5 billion in the process.
The Shibarium launch has brought chaos and confusion to the ecosystem. However, the team has shared an update and tried to reassure the community that their funds are safe.
The Shiba Inu developers are working on rectifying the issue Shibarium is facing. According to the latest reports, the assets have been put on hold on the bridge.
The team behind Shibarium — the layer-2 blockchain created for the Shiba Inu (SHIB) ecosystem — has already posted two communications on the ‘Shib.io Blog' in order to address yesterday's (August 17) events regarding the failed launch of Shibarium.
Shibarium, the Layer-2 blockchain of the Shiba Inu ecosystem, has recommenced its block production after a brief suspension that lasted almost a day. The mainnet for Shibarium, which is a fork of Polygon, went live on 16 August 2023: According to the Shibarium block explorer BlockScout, the Shibarium network has now resumed block production.
Shibarium, Shiba Inu's layer-2 network, is still waiting for a reboot. At the time of going to press, Shibarium was still not producing any blocks, as Shibariumscan.io's block explorer shows.
Despite the ongoing negativity surrounding Shibarium's launch, a Shiba Inu official shared some very positive news.
The Shiba Inu project has opted to secure insurance coverage amounting to $2 million to address potential fund retrieval challenges upon the restart of Shibarium.
Crypto analytics platform Santiment is singling out four top altcoins that are experiencing increased interest from whales. Santiment's director of marketing Brian Quinlivan says that the four altcoins are “seeing some major whale activity that could indicate they could have some nice rebounds if and when crypto starts to stabilize again.
With so much attention toward the Shibarium launch, the team clarifies exactly how it all went down, dismissing recent claims as fud.
