Shiba Inu’s Shibarium mainnet, an Ethereum layer-2 scaling solution, has launched with the goal of improving transaction scalability and affordability. However, its launch has faced technical challenges, including a significant amount of ETH being stuck in a pending state, leading to a halt in new transactions.
Recently on August 16, 2023, Shiba Inu (SHIB) launched its much-anticipated Shibarium mainnet, a scaling solution built on Ethereum (ETH) layer-2. This was expected to improve scalability and affordability for transactions by integrating with the primary Ethereum blockchain.
However, the launch of Shibarium didn’t go as smoothly as expected. Around $1.7 million worth of ETH is currently stuck in Shibarium due to a technical issue, as reported by the blockchain security firm Beosin on August 17. Transactions on the new L2 scaling solution are in a pending state, prompting Beosin to advise users to refrain from using Shibarium temporarily.
Transactions on #Shibarium are stuck in a pending state. $1.7M are currently locked on ETH. Users are advised to temporarily stop using shibarium.https://t.co/io5puAibBc https://t.co/q2SXqtthoO
— Beosin Alert (@BeosinAlert) August 17, 2023
Because of this problem, no new transactions have been confirmed on Shibarium for hours, according to its blockchain explorer. A screenshot circulating on social media, allegedly from an internal Telegram conversation, reveals a Shibarium team member acknowledging their inability to recover the bridged ETH.
Rumors on social media speculate that Shibarium’s Remote Procedure Call (RPC) nodes, which facilitate blockchain data reading and transaction sending, are offline. Additionally, the RPC website is inaccessible at the moment.
On August 8, 2023, prior to the launch of this L2 solution, it was observed that the number of SHIB addresses had surged to a new record high, with 3.51 million addresses holding the cryptocurrency. This represented a remarkable 22% increase in just one week.
Recent activity by Shiba Inu whales has also raised concerns. As of August 17, 2023, according to a report by Todayq News, anonymous holders transferred 33 billion tokens, including substantial transfers of 1.9 billion from KuCoin and significant movements on the OKX exchange. Roughly 4 billion tokens exited major exchanges, leaving 29 billion tokens for trading among anonymous holders.
Subsequent to these events, the price of SHIBA INU plummeted to a weekly low of $0.00000889. On the daily timeframe, it has experienced a nearly 6% decline, according to the Tradingview chart. Associated tokens, BONE, and LEASH, have also experienced declines of 20% and 22%, respectively.
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