Shiba Inu SHIB’s highly anticipated Layer-2 solution, Shibarium, encountered a temporary glitch shortly after its launch on August 16. This development has disappointed enthusiasts. However, Shiba Inu lead developer Shytoshi Kusama has outlined his plans to address the situation and keep Shibarium running smoothly. Let’s look at the details.
Risk for the Shiba Inu: The bumpy start of the Shibarium
Shibarium had a brief pause in block production after its release. It also sparked rumors of alleged developer errors that led to millions of dollars’ worth of Ethereum (ETH) being stuck on the blockchain. To address these concerns, Shiba Inu lead developer Kusama published a blog post on August 18. Accordingly, he claimed that the circulating screenshot was fake and caused undue damage. He also assured that the $2 million trapped in the Shibarium chain is safe and insured. If the chain is restarted, affected users will be refunded.
Kusama confirmed that Shibarium has rebooted and is in testing phase in the latest update released on August 19. The Shibarium team works closely with other experts to improve the current process. Kusama talked about their partnership with the Alchemy team, which has scaled their Shibarium operations by 150%. They also expanded their server infrastructure by 150% using high-end metal infrastructure.
SHIB price struggles amid market volatility
SHIB price is down 37% from its recent high of $0.0000114. Accordingly, it declined to $0.00000713. Interestingly, this latest market drop has brought the price of the Shiba Inu SHIB back to its June 18 low. While this level currently offers support, traders are closely watching the $0.00000904 barrier.
An important buy signal will be a rebound above this level. It will also effectively turn into a base of support. The three-day Relative Strength Index (RSI) is hovering around the midpoint of 50. Accordingly, it shows that there is a balanced struggle between SHIB bulls and bears.
positive and negative levels
If the Shiba Inu SHIB can sustain the levels above $0.00000904 and the bulls regain control, a potential rally of 30% could target the next important resistance at $0.0000117. Conversely, failure to break past the $0.00000904 barrier will indicate continued bearish dominance. It will also potentially revisit the June 18 low at $0.00000713.
When we look at Kriptokoin.com, the first turbulence experienced with the launch of Shibarium did not last long. Accordingly, the lead developer of Shiba Inu SHIB provided assurance and a clear path forward. As the situation stabilizes, the SHIB token is facing opportunities as well as challenges. In addition, market dynamics continue to evolve. Investors remain vigilant in this dynamic cryptocurrency environment.
