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Over $1.7M stuck in Shibarium after launch; Is SHIB in danger?

Over $1.7M stuck in Shibarium after launch; Is SHIB in danger?

Shiba Inu (SHIB) has finally unveiled its highly anticipated Shibarium mainnet.

This Ethereum (ETH) layer-2 scaling solution, launched on August 16, marks the culmination of rigorous testing involving millions of users and the creation of 21 million wallets. 

By integrating with the primary Ethereum layer-1 blockchain, Shibarium promises enhanced scalability and affordability for transactions.

However, although Shibarium represents a significant milestone for the meme blockchain, its launch did not go as smoothly as anticipated.

Notably, at least $1.7 million worth of ETH is currently stuck in Shibarium after the launch, blockchain security firm Beosin revealed on August 17.

Transactions on the newly launched L2 scaling solution are currently in a pending state, with Beosin advising users to “temporarily stop using Shibarium.”

No new transactions on Shibarium for hours

As a result of this issue, no new transactions on Shibarium have been confirmed for hours, according to its primary blockchain explorer

A screenshot being shared on Twitter and other social media, which was allegedly captured from an internal Telegram conversation, shows one Shibarium team member saying they cannot “recover the ETH bridged.” 

“Several years of max value extracting and hyping up Shibarium, and this is the best they can do,” one of the Twitter users who shared the alleged internal discussion wrote

The rumors on social media alleged that Shibarium Remote Procedure Call (RPC) nodes are dead. Additionally, the RPC website has been down at the time of publication.

RPC nodes are a type of computer server that lets users read data on the blockchain and send transactions to other networks.

SHIB price analysis

At press time, SHIB was down 8.2% at $0.000009106, with the drop likely coming due to the careless Shibarium launch.

SHIB price drop in the past 24 hours. Source: Finbold

The meme coin lost more than 6.6% over the past week, while its monthly performance remains green at +17.1%.

With SHIB’s price already experiencing a significant dip, the cryptocurrency faces the risk of further decline, particularly if Shibarium developers fail to resolve the ongoing issues in a timely manner. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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