Shibarium Offline: Shiba Inu’s Layer-2 Network Still Not Producing Blocks
– Shibarium, Shiba Inu’s layer-2 network, is currently offline and not producing any blocks.
– The network went offline shortly after its launch due to high traffic.
– The Shiba Inu team is working on a solution to restore normalcy and assure users that their funds are safe.
– Shibarium saw a surge in traffic, causing the network to activate failsafe mode and halt operations.
– The team is seeking expert assistance to address the scaling issues.
Shiba Inu Price Resilient Amid Market Crash
– Shiba Inu’s price briefly fell during the market-wide crash, but managed to defend a new higher low.
– The price is currently trading above the 23.6% Fibonacci retracement level.
– A daily close above this level would be bullish and could lead to a move towards the 200-day EMA.
– The area between the 38.2% Fibonacci retracement level and $0.00001 would be a key focus if a breakout succeeds.
– Further targets include the 50%, 61.8%, and 78.6% Fibonacci levels before reaching the yearly high.
Hot Take: Shibarium’s Offline Status Raises Concerns
The ongoing downtime of Shibarium, Shiba Inu’s layer-2 network, raises concerns about the project’s scalability and stability. While the team assured users that their funds are safe, the prolonged offline status and ongoing scaling issues are worrisome. The transparency of the team and their efforts to address the challenges are commendable, but the impact on investor confidence cannot be ignored. Shiba Inu’s price resilience amid the market crash is a positive sign, but the success of the project depends on the successful relaunch and operation of Shibarium. Investors will be closely watching for updates on the network’s status and the team’s ability to resolve the scaling issues.
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