•Shiba Inu’s layer-2 network Shibarium is having significant issues after its launch, causing a drop in SHIB token prices.
•Meanwhile, the Shiba Memu (SHMU) presale has been successful and has hit $2.1 million in a little over a month.
•A blockchain security team has reported that the bridge contract between Ethereum and Shibarium is stuck with $1.7 million worth of Ethereum locked up.
Shibarium Network Launch Fails to Impress
The highly-anticipated Shibarium layer-2 network of Shiba Inu was supposed to add some impetus to the price of SHIB but that has not happened. The much-hyped layer-2 network went live but had significant problems which caused the token to drop by over 10%. A blockchain security team reported that the bridge contract between Ethereum and Shibarium is stuck with $1.7 million worth of Ethereum locked up, advising people to stop using Shibarium temporarily.
Shiba Memu Presale Hits $2.1M
The problems at Shibarium are overshadowed by the success of another Shiba-themed meme coin called Shiba Memu (SHMU). The token presale for this coin has hit $2.1 million in a little over a month leveraging artificial intelligence (AI) and the hype around meme coins..
$762K Worth BONE Sent To Bridge Contract
In addition to the locked tokens on the bridge contract, ZachXBT highlighted that $762,000 worth of BONE, a Shibarium governance token, was sent to it as well. According to BlockScout , only 236 transactions had been validated on Shibarium Network almost two days after its launch which shows that there were several issues with it even before it made its way onto mainnet..
What Does This Mean For The Future Of Shiba Inu?
At present, it is difficult to predict what will happen next for Shiba Inu or how long these issues with Shibarium will take to resolve itself if they do at all. However, one thing is certain – these current problems are likely to put a damper on any future plans for Shiba Inu until they can be addressed satisfactorily..
The launch of Shibarium layer-two network did not turn out as expected and there are still many unanswered questions about what happened and how they can be resolved quickly so that SHIB tokens can resume their rise in prices again like before its launch