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Shibarium Reopens Bridge Withdrawals — What’s Ahead for Shiba Inu?

Published August 28, 2023 10:25 AM
Teuta Franjkovic
Published August 28, 2023 10:25 AM

Key Takeaways

  • Shibarium bridge and mainnet reopened.
  • SHIB’s price keeps falling as demand declines.
  • Shibarium initially went live on August 16.
  • It was quickly delayed due to the need for more scaling work.

Shytoshi Kusama, the primary developer for Shiba Inu, released the last update  on the Shibarium scale on Monday, August 28, formally declaring the reopening of the L2 network to users.

Kusama said he was grateful for Polygon, Unification, and developers assistance during the period mainnet was down. Shibarium is online and functioning properly, he assured.

Final Update for Shibarium Scaling

According to a blog post  published on August 28 by Shiba Inu head developer, Shytoshi Kusama, Shibarium has amassed over 65,000 wallets and 350,000 transactions. Since August 24, Shibarium mainnet has began generating blocks, according to the explorer Shibariumscan.io .

“I need to give explanation and a huge thank you to the Polygon team. Quickly after the incident began, I called Sandeep from Polygon directly and without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation. And that, is why our pivot to fork Polygon was the correct one,” Kusama wrote .

Kusama also said that the money are “safu” and the bridge is operating as intended in relation to them. Withdrawals of SHIB, LEASH, and WETH across the bridge will normally take 45 minutes to 3 hours and take place at least twice. BONE withdrawal might last up to seven days.

He issued a warning  to the community, advising them to exercise caution while investing in any tokens created on the Shibarium platform. He also disclosed information about Shibarium’s bridge address, RPC, and Chain ID.

Shibarium will be scaled up by 1500%, as mentioned earlier by Shytoshi Kusama, to enhance security, stability, and decentralization. It also features a new monitoring system, more fail-safe mechanisms, including rate restriction at the RPC level and auto server reset.

SHIB Price Under Pressure

BONE and LEASH coins , which are part of the Shiba Inu ecosystem, increased in value by almost 15% after the Shibarium mainnet resumed block production on August 24.

Despite Shibarium’s reopening, SHIB price has primarily been under pressure, as it decreased  by 2,32% over the last day, and is now $0.0000079. The 24-hour low and high are, respectively, at $0.00000792 and $0.00000815.

After a comeback last week, the price of BONE  is currently trading at $1.30, down by 6% in the last 24 hours. The low and high for the past 24 hours are at $1.29 and $1.38, respectively.

However, with trillions of tokens just leaving exchanges, the number of SHIB and BONE owners is rapidly rising.

New Interest In SHIB Craters

Since the middle of August, SHIB’s network activity has decreased , bringing down the meme coin value. SHIB’s price, which was $0.000007946 at the time of publication, has decreased by 22% since August 15.

The daily count of addresses that exchanged the alt has decreased since then, according to data gathered by Santiment. With 3,129 active addresses at the end of Sunday, Augut 27, trading, there has been a 24% decrease in the daily active addresses trading SHIB since August 15.

The number of new addresses generated each day just to trade SHIB has also decreased by 48% within the same time frame.

Shibarium activity
Credit: Santiment

SHIB’s whale transaction count decreased  as its price dropped, as transactions over $100,000 dropped by 88% since mid-August.

Additionally, after August 15th, the number of whale transactions totaling over $1 million per day decreased by 94%. No SHIB transaction totaling $1 million or more was carried out on August 27.

Shiba whale transactions
Credit: Santiment

The drop in whale transactions accurately reflects the unfavorable attitude that is currently plaguing the meme coin.

In conclusion, while Shibarium’s successful relaunch is a positive development, SHIB’s price still needs to overcome a number of obstacles before a bullish trend can be officially verified.

If Shibarium’s operational performance can turn into an upward momentum for SHIB, it will be determined in coming days.

 

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