Shibarium set to be restarted soon; How will it impact SHIB price?
Shibarium, the highly anticipated layer-2 blockchain for Ethereum, was recently launched. However, the network faced issues and had to be shut down, leaving users’ funds locked in a smart contract. The leading developer of Shibarium, Shytoshi Kusama, has now provided an update, stating that the network is almost ready for a public restart.
Key points:
- Shibarium has undergone testing and optimization, and additional fail-safes have been implemented.
- Ethereum addresses continue to deposit ETH to the ‘bridge smart contract,’ but there are no updates on whether these tokens can be redeemed.
- Over 1,010 ETH, valued at $1.68 million, is currently locked in the bridge smart contract.
- SHIB has experienced a decline in value due to investor fear and uncertainty, losing over 21% in the last seven days.
- If Shibarium can be restarted successfully, it could potentially help SHIB’s price, but further updates are needed.
Hot Take: The launch of Shibarium has been marred by setbacks, leading to a decline in SHIB’s price. The successful restart of Shibarium is crucial for the ShibArmy to regain market trust and potentially boost SHIB’s value.
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