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Shibarium Launch: SHIB and BONE Declined by 6%, $1.7M of Ethereum Stuck, What Next?

The post Shibarium Launch: SHIB and BONE Declined by 6%, $1.7M of Ethereum Stuck, What Next? appeared first on Coinpedia Fintech News

The anticipated buzz is real now the much-hyped crypto project of 2023 “Summer of Shibarium” is live, the mainnet finally launched yesterday. It’s expected to make the Shiba Inu network faster and transactions cheaper.

However, soon after the launch, the tables turned upside down as Shubarium encountered a major technical glitch. Users who were trying to transfer Ethereum to the network faced severe problems, resulting in approx $1.7 million worth of Ethereum getting stuck on the bridge between platforms. 

What Went Wrong? 

Beyond the Ethereum lockup, the Shibarium network itself encountered problems. The entire Block was down for several hours including the Shibarium Remote Control Protocol (RPC) one of the key features of the mainnet. This caused a complete shutdown of the network restricting users and data recovery was badly impacted. 

One of the Chinese crypto journalists named Colin Wu revealed the actual scenario of the Ethereum lockup by pointing out that more than 965 ETH worth $1.7 million were stuck. Beosin, a platform that keeps an eye on crypto-related risks, has also confirmed the news and instructed users to stop using the gateway.  

As concerns mounted, DaVinci, a community member and server admin, suggested caution and recommended testing with small amounts due to escalating reports of problems. While Lucie, one of the executives is warning for a greater risk looming on the mainnet. Instructed users with tips to stay safe from phishing and fraud. 

Bearish Sentiment Running Post Launch

This sudden challenge created a domino effect for the native coin Bone and Shib which saw a significant drop soon after the launch. BONE faced a 16% decrease in the past 24 hours, while SHIB’s value declined by 6.43%. Not only the native token but also other tokens tumbled soon after the glitch happened. 

Going by the analyst Michael Poppe’s, analysis this decline will not last long. He said Shiba Inu has the potential to surge above 45% from its recent low of $0.000009 to $0.00001300 levels. But the condition is SHIB can hold on to its support levels it will gradually move upward. Despite the server glitch, the Shib army is strong and the community is rejoicing in the launch. 

Since the market is negative, the launch has sparked numerous questions. Investors worry about blockchain networks’ complexity and the need to test before commencing. As the community works through these issues, Shibarium’s future and tokens are in question.

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