The launch of the Shibarium mainnet, a layer 2 scaling solution for the Ethereum network, has encountered difficulties that have impacted the price of related tokens such as Shiba Inu (SHIB), BONE, and LEASH. Many SHIB holders were hopeful that the launch would lead to a significant increase in the value of these tokens. However, these expectations were quickly dashed as the prices plummeted.
As of now, SHIB has experienced an 8.1% decrease in price in the last 24 hours, while BONE has suffered a more significant drop of over 14% during the same period. The LEASH token, which serves as a low-supply staking rewards coin, had the worst performance with a 23.5% decline in value.
The decline in token prices coincides with reports of potential complications during the launch. Screenshots of an internal Telegram conversation between Shibarium developers revealed that the team was unable to recover assets that were bridged to the Shibarium network. However, it should be noted that the loss of assets has not been fully confirmed yet. Blockchain expert ZachXBT mentioned that he had not yet determined whether the assets were truly lost, but he did express concerns about the performance of the RPC and the block explorer.
Confirming these concerns, Cointelegraph utilized the ShibariumScan block explorer and found that the last block was added seven hours ago at the time of writing. Several preceding blocks had been mined but were still waiting to be imported when the article was published.
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These technical issues have led to the Shibarium RPC website being down as well. Community members speculate that this could indicate a flawed bridge, with locked funds totaling nearly $2.46 million, consisting of $1.7 million worth of Ether (ETH) and an additional $762,000 worth of BONE tokens.
The repercussions of the launch complications are evident in the market, with the prices of SHIB, BONE, and LEASH all experiencing significant declines. This setback highlights the importance of a smooth and successful launch for the overall value and adoption of a new network or solution.
The impact on the Shibarium project may cause concern among investors and holders of these tokens. However, it is essential to remember that setbacks are not uncommon in the cryptocurrency industry, particularly during the early stages of new projects. While the immediate aftermath may be discouraging, it is crucial to assess the long-term potential and viability of Shibarium and the associated tokens before jumping to conclusions.
Investors and community members should closely monitor the developments around the Shibarium mainnet launch and how the team addresses the technical issues. A transparent and proactive approach from the developers will be key in restoring confidence and rebuilding momentum for the project.
In summary, the Shibarium mainnet launch has faced challenges that have impacted the prices of SHIB, BONE, and LEASH tokens. Technical issues, including difficulties in recovering bridged assets and the performance of the RPC and block explorer, have caused concern among community members. However, it is essential to monitor the situation closely and assess the long-term potential of Shibarium before drawing any definitive conclusions about its success.
