Shiba Inu’s Layer2 launch, Shibarium, threatens to be a major fiasco after millions of reais in Ethereum have already been frozen in one transaction. With that in mind, the Shiba Inu Community (SHIB) decided to sell their coins.
With a 10% loss in the dollar exchange rate in the last 24 hours, each SHIB is worth $0.0000088 per unit. Using data from the Brazilian crypto market, everything indicates that the situation also affected the SHIB/BRL pair, with a drop of 9% over the same period and a price of R$0.000044.
It is worth remembering that the community’s hope was for the proper implementation of Shibarium. This is because, with the new layer of the Ethereum network, the memecoin will be able to make its transactions cheaper and have a more controllable network.
By the way, being on the Ethereum network prevents SHIB from actually competing with Dogecoin (DOGE). The explanation lies in the fact that the first memecoin has its own network with low transaction costs and a good confirmation speed.
For example, Shiba Inu has been making plans in recent years to escape the Ethereum mainnet, where high fees make small transactions impossible.
Shiba Inu’s new L2 network, Shibarium, comes with problems and crashes millions of reais
The situation could be the worst for the Shiba Inu community if the rumors are proven that the developers launched the new network in a tragic manner.
According to a publication on the social network X (formerly Twitter), a profile released a print that was not confirmed by the report, indicating that Shiba Inu development leader Shytoshi Kusama was very upset.
According to the screenshot in a possible Telegram group, he admits that there is no longer a way to recover locked Ethereum.
According to him:
“We did a lot of shit, we couldn’t get ETH back.”
In case you’re wondering how Shibarium is doing pic.twitter.com/S5vjTxoMDk
— ʎppɐꓷ ɯooɹɥS (@shroom_daddy) August 16, 2023
Estimates hold that Shibarium received $1.7 million worth of Ethereum, i.e. nearly 1,000 units of ethers.
Famed blockchain researcher ZachXBT said it was a “sloppy release” in his opinion.
no idea, but RPC is dead and a terrible block explorer too. it’s a sloppy launch anyway.
— ZachXBT (@zachxbt) August 16, 2023
This Thursday’s launch should give the memecoin a boost
What drew attention to the launch is the fact that Shiba Inu promises to revolutionize the memecoin token industry.
That is, the project aims to bring together the main projects of cryptocurrency memes, baseless coins created specifically for the enjoyment of speculators and scammers.
This Thursday (17) the launch of Shibarium still did not show that the project will be able to get around the problems. In public, the Shiba Inu team has not commented on the measures being taken to unlock the new network layer.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
