Crypto News, Shiba Inu’s recent venture, the launch of Shibarium – a layer 2 scaling solution for Ethereum – has garnered significant attention, albeit for the wrong reasons. With the prices of related tokens like SHIB, BONE, and LEASH witnessing sharp declines, the crypto community is abuzz with rumors regarding possible technical errors on the Shibarium network.
Shibarium Rocky Launch: Tokens Tumble Amidst Speculation
As Shibarium went live on August 16, Shiba Inu enthusiasts had high expectations. They eagerly awaited the positive impact on SHIB, BONE, and LEASH tokens. Yet, instead of the anticipated appreciation, the tokens faced a dramatic downturn.
Currently, SHIB has seen an 8.1% decline in the past 24 hours, BONE slid by over 14%, and LEASH, the ecosystem’s staking rewards token, took the hardest hit, plummeting by 23.5%.
Rumors of Technical Glitches Gain Ground
Fueling the fire of speculation, alleged screenshots from a Telegram group for Shibarium developers have surfaced. These conversations hint at significant challenges, with lead developer Shytoshi suggesting an inability to reclaim assets transferred to the Shibarium network.
Moreover, blockchain analyst ZachXBT highlighted potential issues with the RPC and criticized the block explorer’s functionality.
Locked Funds: The $2.46 Million Question
Further doubts were raised as another alleged screenshot pointed towards technical challenges faced by a Shibarium user with the block scanner. Current consensus within the community suggests these issues might point to a defective bridge system. This supposed flaw may have led to nearly $2.46 million worth of funds being locked, split between Ether and Shibarium’s governance token, BONE.
As the situation unfolds, this episode emphasizes the complex challenges of launching new blockchain technologies and the potential repercussions on associated token values.
Leave a comment