Since the release of Shibarium, the value of the Shiba Inu and associated tokens has plummeted, and there have been speculations that the new Shibarium network contains a severe technical fault.
Shibarium’s mainnet, the much-anticipated layer 2 scaling solution for the Ethereum network, has officially launched, ushering in a wave of unexpected twists, particularly in the area of token values. Following the debut on August 16th, many people expected SHIB, BONE, and LEASH token values to soar triumphantly. However, reality appears to have taken a completely different course.
Hopes for fast appreciation were quickly dashed by a depressing turnabout. According to the most recent data, SHIB has declined by 8.1% over the last day while BONE has fallen by nearly 14% during the same period. The LEASH token, a treasured staking reward coin with a constrained supply, took the biggest hit of all, experiencing a startling 23.5% decline in just one day.
![SHIB, BONE, LEASH Prices Collapse as Investors Fear $2.5M Shibarium Glitch image 116](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-116.png?resize=687%2C336&ssl=1)
![SHIB, BONE, LEASH Prices Collapse as Investors Fear $2.5M Shibarium Glitch image 116](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-116.png?resize=687%2C336&ssl=1)
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Technical Hurdles and Lost Assets
Screenshots of internal Telegram chats allegedly held by Shibarium developers have shed light on the problems at hand. The team’s failure to recover assets connected to the Shibarium network was revealed by lead developer Shytoshi. Although blockchain investigator ZachXBT has not formally validated the size of the asset loss, he has noted that the RPC, a critical node in the blockchain client software, is “dead,” and that the block explorer’s operation is “awful.”
The conflict was confirmed by the Shibarium Scan block explorer, with the newest block addition at the time of writing dating back seven hours. Many preceding blocks are still pending import and are in an uncertain status.
RPC nonfunctional pic.twitter.com/fc0di24nxI
— ʎppɐꓷ ɯooɹɥS (@shroom_daddy) August 16, 2023
Technical issues have made the problem much more complex. According to a snapshot posted by a supposedly Shibarium user, block scanner technical difficulties prevented them from querying their bridged balance over the RPC.
Apprehensions have spread around the neighborhood as of this time since the Shibarium RPC website is still unavailable. With an estimated total of approximately $2.46 million in frozen funds, this disturbing circumstance has sparked concerns about a potentially defective bridge. This astounding amount is made up of almost $1.7 million in ether (ETH) and an extra $762,000 in bone, the governance token of Shibarium.
While the Shibarium mainnet’s debut has been fraught with challenges, the crypto community stands watchful, eager to see how the situation unfolds and whether the team can navigate these initial hurdles on the path to fulfilling Shibarium’s promise.
Related: Shiba Inu community divided over allegations of code, chain ID plagiarism