Shiba Inu (SHIB), one of the pioneers of the meme token frenzy, has finally launched the long-awaited Shibarium layer 2 network. The launch, which took place at midnight on August 16, was a great success, but not everything went as expected. According to reports, there was a significant congestion of transactions on the Shibarium network.
Did Shibarium Fail?
According to information provided by the blockchain security company Beosin, SHIB transfers with a value of more than 1,003 ETH were locked on the network in the first few hours and were neither sent nor cancelled. Officials from Beosin emphasized that it would be beneficial for users to temporarily refrain from using the Shibarium network.
According to information obtained from the primary blockchain explorer of Shibarium, new transactions were confirmed within a minimum of 5 hours. In a Telegram screenshot attributed to Shytoshi Kusama, a leading developer in the Shiba Inu team, there is a very intriguing statement. After using the phrase “we messed up,” the developer implies that they cannot retrieve the ETH sent over the bridge and that they are actually lost.
ZachXBT, a prominent blockchain researcher, stated that they were not sure if the RPC on the network was dead, but he admitted that it was still a very bad launch. As of the press time, the Shibarium RPC website is unreachable, and this seems to be the underlying issue on the network.
SHIB Price Drops
Users also reported that they were unable to send messages on Shibarium’s Discord channel after the events started and that they were blocked. It seems that the team wants to go through the process with as few complaints as possible and is aware of the mistakes. Despite expectations of a rise in the Shiba price following these developments, it plummeted.
In the past 24 hours, SHIB has lost 7% of its value, dropping to $0.00000918. This sharp decline caused the cryptocurrency to drop to 15th place. The high expectations for SHIB have ended in disappointment.
