The problem with the mainnet launch of Shibarium, the layer-2 solution that the Shiba community has been waiting for months, caused panic. The continuation of block production on the rebooted Shibarium network gave the community a sigh of relief. However, the $2 million Ether issue stuck in the Blockchain bridge of the network, which faced heavy traffic at the launch, continues.
The failed launch of Shibarium was negatively priced in the SHIB and BONE market. This caused cryptocurrencies to start falling sooner before the general decline in the market. In particular, the large amount of SHIB and BONe tokens sold by large investors, along with the problems experienced, triggered the panic. Following this week’s sell-off, SHIB rallied to $0.0000085 after falling as low as $0.00000725, depreciating 30% since the start of the week. BONE, on the other hand, saw a decline from $ 1.5 to $ 1.09 at the beginning of the week. Supported by the re-making of Shibarium, the crypto currency recovered to the $ 1.2 band with a value increase of close to 8% today.
In the last 48 hours, whale movements in the SHIB and BONE markets were remarkable. One of the most interesting transactions was that after the Shibarium news, a whale wallet bought $1.27 million worth of PEPE after transferring billions of SHIBs to Binance. On the other hand, the understanding that the problem in the Shibarium network was caused by high traffic showed that there was an intense demand for the network. This strengthens the view that it can make a significant contribution to the Shiba ecosystem after ensuring the healthy operation of the network.
After the problem with the launch of Shibarium, FUD spread rapidly in the market. Seeing some images shared on social media as a systematic attack, Shiba developers denied claims that the network had bridge problems and assured that assets on the Shibarium network were safe. Making a statement on the subject, lead developer Shytoshi Kusama attributed the technical problems experienced by the layer-2 network to large transaction flow and user activity. Kusama said that despite the project’s monthly allocation of 400 million computing units, reaching 160 million computing units in the first 30 minutes caused heavy traffic and they did not expect this.