{"id":138296,"date":"2023-09-02T04:03:28","date_gmt":"2023-09-01T22:33:28","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138296"},"modified":"2023-09-02T04:03:28","modified_gmt":"2023-09-01T22:33:28","slug":"key-reason-behind-shibs-sudden-plunge-after-shibariums-launch-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/key-reason-behind-shibs-sudden-plunge-after-shibariums-launch-crypto-news\/","title":{"rendered":"Key Reason Behind SHIB\u2019s Sudden Plunge After Shibarium\u2019s Launch &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div><a rel=\"nofollow noopener\" target=\"_blank\" class=\"article__lead-img--wrapper\" href=\"https:\/\/u.today\/alex-dovbnya\"><\/p>\n<p><\/a><\/p>\n<div class=\"article__lead-info\"><a rel=\"nofollow noopener\" target=\"_blank\" class=\"article__lead-name\" href=\"https:\/\/u.today\/alex-dovbnya\">Alex Dovbnya<\/a><\/p>\n<p>Shiba Inu&#8217;s new layer-2 solution, Shibarium, faced a tumultuous debut this Wednesday, with technical issues causing its mainnet RPC to go offline and locking a significant amount of Ethereum on its cross-chain bridge<\/p>\n<\/div>\n<\/div>\n<div>\n<p>Shiba Inu&#8217;s much-anticipated layer-2 solution, Shibarium, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Shibtoken\/status\/1691935726244409446\">officially launched<\/a> on the mainnet this Wednesday. However, the debut was not without its controversies.<\/p>\n<p>As of press time, the Shib Mainnet RPC, accessible via <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shibrpc.com\/\">https:\/\/www.shibrpc.com<\/a>, is currently down. This has raised concerns among the cryptocurrency community, especially given the significant amount of Ethereum (ETH) locked in the Shibarium cross-chain bridge.<\/p>\n<p>According to monitoring by Beosin, transactions on Shibarium are stuck in a pending state. A staggering $1.7 million in ETH is currently locked on the Shibarium cross-chain bridge, leading Beosin to advise users to temporarily halt any activities on Shibarium.<\/p>\n<p>This comes after the Shibarium testnet saw the creation of over 21 million wallet addresses, indicating a high level of interest and activity in the lead-up to the mainnet launch.<\/p>\n<p>Adding to the uncertainty, an unverified message allegedly from Shiba Inu&#8217;s founder, Shytoshi Kusama, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/shroom_daddy\/status\/1691953231289528683\">has been circulating<\/a> on social media. The message reads, &#8220;We f**ked up hard. We cannot even recover ETH bridge.&#8221; This purported internal Telegram chat message has yet to be confirmed as authentic by U.Today.<\/p>\n<p>The technical glitches have had a direct impact on Shiba Inu&#8217;s market performance. The SHIB price has plummeted, currently trading at $0.00000931, marking a 6.7% drop, according to CoinGecko <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/shiba-inu\">data<\/a>.\u00a0 \u00a0<\/p>\n<p>Social media has been abuzz with reactions to the botched launch. Crypto enthusiasts have taken to platforms like X to express their skepticism and mock the situation. Comments range from suggesting alternative blockchain solutions to outright declaring the death of Shibarium mere hours after its launch.<\/p>\n<p>As the SHIB community awaits further clarity, Shytoshi Kusama has yet to issue an official statement addressing the controversy after spending months hyping up the Shibarium launch.\u00a0\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Alex Dovbnya Shiba Inu&#8217;s new layer-2 solution, Shibarium, faced a tumultuous debut this Wednesday, with technical issues causing its mainnet RPC to go offline and locking a significant amount of Ethereum on its cross-chain bridge Shiba Inu&#8217;s much-anticipated layer-2 solution, Shibarium, officially launched on the mainnet this Wednesday. However, the debut was not without its [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":138297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-138296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138296"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138296\/revisions"}],"predecessor-version":[{"id":148130,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138296\/revisions\/148130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138297"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}