- $1.8M worth of Ether (ETH) got stuck on Shibarium L2 mainnet.
- Developers resolved the issue, but Shibarium remains private.
- Shiba Inu (SHIB) dropped by 3.9% in the last 24 hours.
Shiba Inu’s lead developer Shytoshi Kusama has published the second update on Shibarium’s mainnet scaling solution. According to Shy, Shibarium is smoothly working in private mode and is now being intensively tested by the developer team.
The problem occurred on Shibarium’s launch day when $1.8 million of Ether (ETH) got stuck on the cross-chain bridge with lagging transactions due to high demand. The upcoming solution to these issues comes in joint efforts with the Alchemy team.
The new upgrade is set to increase Shibarium L2 mainnet capacity by 1500%. “We are scaling up in multiple ways,” adds Kusama. Finally, the leading dev revealed plans to re-open the blockchain for public use in a matter of days, as the SHIB developers have been asked to rest for a day by the shrouded SHIB Savior.
Shiba Inu Slips Further Amid Crypto Meltdown
Meanwhile, SHIB has been trading in phased consolidation for the past two weeks, facing a 22% deficit amid volatile crypto market conditions. Certainly, the merciless bears got a hold of SHIB with a steep decline in three on-chain metrics: 5.75% in large transactions, 0.38% net network growth, and 16% in holders making a profit.
Because of this, only 16% of SHIB holders are now in the money. At press time, SHIB is changing hands at $0.00000808, according to CoinGecko. Sliding down by 3.6% in the last 24 hours, $SHIB withstood the test at $0.000008 key support but has a high price correlation with Binance Coin (BNB), which went underwaters claiming a yearly low below $210.
However, veteran crypto traders on Twitter remain certain that the bottom of Shiba Inu’s price is around the major support of $0.000007. This would walk SHIB back to May 2021 and make a historical parallel with the first major spike in SHIB’s chart if the aforementioned price range holds through the crypto storm.
On the Flipside
- Since the Shibarium Layer-2 mainnet is temporarily running only in private mode, the official Shibarium blockchain explorer doesn’t show these transactions, with the latest records being four days old.
Why This Matters
Shiba Inu is the pioneering memecoin to have its own Layer-2 scaling solution.
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