The Shiba Inu community has been buzzing about the launch of Layer 2 Shibarium for a few weeks now. But the arrival of the mainnet has not been the success we had hoped for. Between rumours of errors and the fall of the SHIB, the blockchain seems to be in trouble. What’s going on with memecoin
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Shibarium layer 2 fails to launch
The Shibarium mainnet was launched a few hours ago. As a reminder, this is Shiba Inu’s own layer 2 solution, designed to support future memecoin applications. But from the outset, rumours have been circulating about problems with the network. One X user posted screenshots of what appears to be a conversation with Shytosi Kusama, one of Shibarium’s lead developers:
In case yall were wondering how Shibarium is going pic.twitter.com/S5vjTxoMDk
– ʎppɐꓷ ɯooɹɥS (@shroom_daddy) August 16, 2023
Shytosi Kusama is seen explaining:
“We really screwed up. We can’t get the ETH back because it’s been clamped. “
Other shared captures show that Shibarium’s block explorer doesn’t appear to be working. In addition, several transactions were reportedly rejected as soon as layer 2 was launched. At the time of writing, transactions on Shibarium appear to have been paused for two hours. Other reports indicate a pause of more than 5 hours overnight.
In addition, according to CoinDesk, users of a Discord forum dedicated to Shibarium may no longer be able to send messages, as the functionality was blocked shortly after rumours of problems emerged.
ShIB, BONE and LEASH prices stall
Some were predicting a rise in SHIB, as well as the other two cryptocurrencies associated with Shiba Inu, BONE and LEASH. But so far, the launch of Shibarium has had the opposite effect. The SHIB price has lost 15% in just over a day :
The SHIB share price has been falling since the launch of Shibarium
It’s the same story for other associated tokens. LEASH has lost 19% over the last 24 hours, and BONE has fallen by 13%. It’s going to take a lot for Shiba Inu to turn things around. It’s a major challenge: what was just a memecoin not so long ago is trying to build solid foundations. These problems with the launch of Shibarium could prevent Shiba Inu from achieving this goal.
