The launch of the mainnet of Shibarium- which is a layer 2 scaling solution for the network of Ethereum- seems to have already gotten off to a pretty rocky start- if we take into account the price issues that have cropped up in its related tokens. Many holders of Shiba Inu had previously held out in hopes for a sharp upturn of SHIB, BONE- which is the governance token of Shibarium, and the LEASH token with the launch of the network of Shibarium on the 16th of August.
However, it has been seen that the aspirations have crashed rather rapidly. The price of SHIB is already down by 8.1% over the last 24 hours, while BONE has managed to fall down more than 14% in the same timeframe. The LEASH token of the ecosystem- which is a low-supply staking rewards coin- has fared the worst amongst all, dropping 23.5% on the day.
Shiba Inu Drops Despite Shibarium’s Progression
According to multiple screenshots that were captured in an internal conversation on Telegram between the developers of Shibarium, the lead developer Shytoshi went on to reveal that the team had been unable to recover the assets which had been bridged to the network of Shibarium.
ZachXBT, the famous blockchain sleuth, went on to state that he had not been able to confirm whether or not the assets had been lost completely. But he did note that the RPC, which is a node that runs multiple key blockchain client software, was reportedly dead, and described the block explorer as truly awful.
Members of the community, who also deal in Shiba Inu and Shiba Inu-related tokens, believe that this could definitely indicate a heavily flawed bridge, with the total sum of the locked funds amounting to around $2.46 million- which comprises around $1.7 million worth of Ether, and around $762,000 worth of the governance token of Shibarium.