ETH Stuck in Shibarium Bridge as Meme Coin Rally Fails to Materialize
Blockchain security firm PeckShield has reported that approximately $1.7 million worth of ETH is trapped in the Shibarium Bridge after its launch failed to generate the expected rally in meme coins. The highly anticipated Shibarium Network went live on Wednesday but encountered issues soon after.
Main Breakdowns:
– $1.7 million worth of ETH is stuck in the Shibarium Bridge.
– Tokens such as TREAT, BONE, and LEASH experienced significant price drops.
– The Shiba Inu (SHIB) token plummeted nearly 10% after bridging issues emerged.
– Shibarium Mainnet is an Ethereum Layer-2 scaling solution designed to facilitate more scalable and cost-effective transactions.
– Shiba Inu’s lead developer, Shytoshi Kusama, highlighted the significant traction gained by the Layer-2 solution and its decentralized governance framework.
Hot Take:
The launch of Shibarium did not meet expectations, resulting in a downturn for meme coins and leaving many users disappointed. However, with adaptation and reconciliation, there is a possibility for recovery. Shibarium’s innovative Layer-2 solution and decentralized governance framework have garnered significant interest from various projects, showcasing its potential in the crypto space.
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