The Shibarium Launch
The highly anticipated launch of Shibarium, a Layer 2 initiative from the Shiba Inu project, has caused chaos and confusion in the crypto ecosystem. However, the Shibarium team has shared an update to reassure the community that their funds are safe.
Key Points:
- Shibarium paused and went into fail-safe mode due to high traffic.
- The team denies reports of a broken bridge, calling them FUD.
- Community members claim over $1.7 million of Ethereum is stuck in the Shibarium bridge.
- The team is working to scale operations and will provide updates to the community.
- The team announces insurance coverage of $2 million to ensure community confidence.
Meanwhile, Shiba Inu (SHIB) is experiencing a decline in price amidst a broader market correction. It is currently trading at $0.00000844, down by around 7.17% in the past 24 hours.
The SHIB bearish price action may have been influenced not only by the Shibarium launch hiccup but also by the 10% Bitcoin (BTC) dump. Over $1 billion worth of total crypto trades have been liquidated in the past 24 hours, further contributing to the market correction.
Hot Take:
The Shibarium launch has faced challenges, causing concern among the community. However, the team’s efforts to address the issues and provide insurance coverage demonstrate their commitment to the project’s success. The decline in SHIB’s price is unfortunate but can be attributed to the broader market correction. As the Shibarium team continues to work on scaling operations, it is crucial for the community to stay informed and remain confident in the project’s potential.
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