Shiba Inu’s Layer-2 Scalability Solution Shibarium Goes Live But SHIB Faces Selling Pressure
After facing several technical glitches earlier this month, Shiba Inu’s Layer-2 scalability solution Shibarium finally goes live once again. Shiba Inu lead developer Shytoshi Kusama announced about the relaunch stating that Shibarium is officially live and “ready for prime time.”
With Shibarium launch, Shiba Inu aims to address scalability issues while enhancing the overall user experience. The road to Shibarium's launch has been marked by challenges. Earlier this month, the platform encountered technical issues, including the mainnet RPC going offline and a reported locking of a significant amount of Ethereum on its cross-chain bridge. These issues momentarily impacted the market value of Shiba Inu. Nevertheless, the team has proactively tackled these hurdles, enhancing the platform's performance.
Shibarium has introduced a structured withdrawal process for different tokens. This system is designed with varying clearance time frames for withdrawals, ranging from 45 minutes to 3 hours for most tokens. The BONE token might necessitate up to 7 days for withdrawal, providing an additional layer of security.
Shytoshi Kusama has been vocal about countering the "fear, uncertainty, and doubt" (FUD) that has occasionally plagued the Shiba Inu community. He encourages the community to stay focused on long-term goals rather than being swayed by short-term market fluctuations.
Kusama also thanked Polygon’s team and other contributors’ contributions in bringing Shibarium to the limelight. Over the last few months, Shibarium’s beta testnet amassed significant attention with 65,000 wallets processing more than 350,000 transactions.
The launch of Shibarium represents a crucial milestone in the Shiba Inu ecosystem. With its operational layer-2 scaling solution, the platform stands ready for substantial expansion and acceptance. While obstacles persist, the team's proactive strategies and the steadfast backing of the community point towards a bright and promising trajectory for both Shibarium and Shiba Inu.
However, the positive development this time hasn’t positively impacted the price of Shiba Inu’s native crypto SHIB. The SHIB price came crashing down more than 30% after the major technical glitches in Shibarium earlier this month and is currently trading at $0.0000080.
It seems that investors will take some more time to see Shibarium’s performance. Furthermore, the number of daily Active Addresses on the Shiba Inu network has experienced a decline since August 16. By August 26, this figure had reached 3,647, marking a 56% decrease compared to the 8,214 Active Addresses that were documented on August 16.