- Shibarium’s highly anticipated launch sees SHIB tokens plunge by 9% due to bridging issues.
- Users experience a five-hour transaction halt as blockchain data highlights the network’s glitches.
- Community engagement falters as users are blocked from Discord forum; Bone and LEASH tokens also drop.
The rollout of a crucial component for the new layer 2 service faced a tumultuous initiation on Wednesday.
Shiba Inu (SHIB) tokens experienced a 9% decline within the last day, as a widespread occurrence of bridging challenges emerged following the much-anticipated launch of the Shibarium network on Wednesday evening.
Analysis of blockchain data revealed that transactions within the network encountered a standstill for a minimum of five hours at the time of this writing. During this period, users attempted to transfer 954 ether (ETH), equivalent to $1.7 million at current valuations, along with $750,000 worth of bone (BONE), the governance token associated with Shibarium, into the contract.
Shortly after initial reports surfaced concerning these issues, users found themselves unable to communicate via a community forum on Discord, a fact that has been verified by CoinDesk.
Bridges, which function as blockchain-based mechanisms for transferring tokens between disparate networks, stand as a pivotal yet susceptible segment within the cryptocurrency market.
The malfunctioning debut of Shibarium has cast a shadow over what was meant to serve as the gateway to a dynamic and cost-effective ecosystem. This network constitutes a component of a broader strategy aimed at positioning Shiba Inu as a credible blockchain project, steering it away from the perception of being merely a meme coin, a reputation it has maintained since its inception in August 2020.
Shibarium enters an already densely populated blockchain arena, with no less than 50 other networks vying to entice users with economical transaction fees within an ecosystem that primarily revolves around financial services and gaming.
This platform leverages bone (BONE), SHIB, and leash (LEASH) tokens for applications constructed on the blockchain, with a specific emphasis on metaverse and gaming utilities.
Regrettably, each of these tokens experienced depreciation within the past 24 hours. Specifically, Bone exhibited a 13% decline, whereas LEASH faced a more significant decrease of 25%, indicative of a downturn in community sentiment.