- Shiba Inu reserves on exchanges plunge to below 150.7T amid Layer-3 chain news.
- Animoca Brands, Polygon, Woodstock funds dig into the $12 million funding round.
- Shibarium witnessed a network outage on Sunday, top developer shares why.
In the wake of announcing the upcoming Layer-3 blockchain, Shiba Inuโs (SHIB) Layer-2 chain Shibarium went through a short outage last weekend. In the early hours of April 22, 2024, Shibarium developer Kaal Dhairya notified the community about the interruption of service on Shibarium Layer-2, which came down to discrepancies between Shibarium validators.
Shibarium L2 Back Online, But Thereโs A Catch
The networking issues between Shibarium validators immediately turned off the lights for operations like external Remote Procedure Calls (RPCs) and ShibariumScan blockchain explorer, among other key services. While Shibarium is up and running, last weekendโs chain outage could still impact developers working on the infrastructure level on Shibarium, says Shibarium developer Kaal Dhairya.
To clear this issue, the Shibarium developer asked the infrastructure builders to โreach out so that we can streamline comms with you over shared telegram / slack channels.โ Upon further investigation by DailyCoin, Shibariumโs on-chain data explorer is back online.
Sponsored
However, the low number of daily transactions suggests that not all stats are synchronized. The latest transaction section returns this error: โConnection is lost. Please reload page.โ Despite the setbacks, the average block production time remains capped at 5 seconds.
Shiba Inuโs Exchange Reserve Is Getting Scarce
Meanwhile, Shiba Inu investors continue to gradually reduce their Shiba Inu (SHIB) assets stored on crypto exchanges. The latest on-chain data by blockchain analytics firm CryptoQuant reveals a long-term tendency that was prevalent since early 2023. Depicted in the blue line in the following graphic, the total number of SHIB tokens in crypto exchange reserves has plummeted to 150.7 trillion tokens.
Compared to last month, Shiba Inu exchange reserves have slimmed by another 5.7T over the past 30 days. While this trader behavior trend lasts, it represents a long-term sentiment for traders who accumulate SHIB on self-custodial wallets in contrast to pouring the Shiba Inu tokens into major exchanges for a possible sell-off.
On the Flipside
- Shiba Inuโs price spiked 21% following the Layer-3 blockchain news with pioneering Fully Homomorphic Encryption (FHE) technology and the successful $12M funding round.
- However, this SHIB price surge didnโt erase the $16 million gap in combined liquidity books, as pending SHIB sales outscore bids $62 million to $46 million, according to CoinPaprika.
Why This Matters
Shiba Inu stands out from the crowd in the meme currency department due to its flexible utility cases, being the only meme coin developing a Layer-3 project on top of an existing Layer-2.
Check Out DailyCoinโs trending crypto news:
RFK Jr.: โIโm Gonna Put the Entire U.S. Budget on Blockchainโ
Combatting Pig Butchering Scams: Call for Unity in Crypto Sector
