Leading smart contract platform Ethereum (ETH) experienced a sharp decline in Shiba Inu (SHIB), BONE, and LEASH token prices following the launch of Shibarium mainnet, a Layer-2 scaling solution on the Ethereum network. Many Shiba Inu investors were hopeful that the launch of the Shibarium network would lead to a significant increase in value for the SHIB governance token as well as BONE and LEASH. However, things did not go as expected in Shibarium.
Within the past 24 hours, SHIB has dropped by over 6.25%, while BONE has experienced a loss of over 14% within the same time period. The ecosystem’s token, LEASH, has had the worst performance with a 20% value loss during the day. These price drops began to occur amidst various reports that emerged during the launch.
According to screenshots highlighting an internal Telegram conversation among Shibarium developers, the lead developer, Shytoshi, stated that the team was unable to retrieve the assets bridged to the Shibarium network. Blockchain researcher ZachXBT has not yet confirmed whether the tokens have actually been lost, but he mentioned that the RPC, which is a functioning component of the basic Blockchain client software, may have malfunctioned.
Additionally, data obtained using Shibarium Scan blockchain explorer confirmed that the last block was added 7 hours ago. The information suggests that some of the previous blocks were orphaned and still waiting to be imported during the publication. Shibarium is a project created to enhance the ecosystem of the cryptocurrency Shiba Inu.
Shibarium aims to expand the utility of SHIB, especially in the areas of NFTs and DeFi (Decentralized Finance), by providing more functionality. The potential impact of the platform on Shiba Inu was stated to be achievable through increasing the token’s value, attracting the community’s interest, and creating a broader ecosystem. The success of Shibarium could further strengthen the overall popularity and acceptance of Shiba Inu, while the repercussions of the negative developments remain a topic of debate for the cryptocurrency.