SHIB And BONE Rebound|Shibarium Block Production Restarts

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Shibarium, Shiba Inu’s Layer-2 network, has restarted, producing blocks again after almost a day without transactions. On August 17, 2023, lead developer Shytoshi Kusama confirmed that high-level traffic on the blockchain caused some issues, and confirm that the funds were safe. He also said there are no problems with the bridge or the chain and advised Shibarium would restart soon.

Shibarium Is Producing Blocks Again

According to block explorer, Shiba Inu’s layer-2 blockchain Shibarium is back online and producing blocks. Shibarium network entered a fail-safe mode and stopped operating to ensure the safety of funds due to the traffic exceeding expectations after the Shibarium mainnet went live.

shiba inu shibarium

Shiba Inu developer Kaal Dhairya, in an official blog post on August 18th, revealed scaling operations to support the massive traffic on Shibarium. The team will also post regular updates on the status of the Shibarium network, which is a fork of Polygon.

“In fact, as we slowly and carefully investigated where the problem exactly took place and found thousands upon thousands of contract creation and normal transactions IN ONE BLOCK.”

In addition, the Shiba Inu team has decided to insure an amount of $2 million in case there is any issue in retrieving funds after Shibarium is restarted.

After the announcement, the network started producing blocks again as the team monitored the chain. However, ShibArmy is concerned about the FUD that harms the project.

FUD Caused Massive Selloff Of Shiba Inu Ecosystem Tokens

Whales and traders dumped their SHIB, BONE, and LEASH tokens, as the FUD caused them to liquidate their holdings. Meanwhile, prices are bouncing after the Shibarium is back online despite the selloff in the broader crypto market.

SHIB price fell 11% in the past 24 hours, with the price currently trading at $0.0000082. The 24-hour low and high are $0.0000076 and $0.0000093, respectively.

Meanwhile, BONE price currently trades at $1.18, down 15% in the last 24 hours. LEASH price is trading at $430, down 5% in 24hrs.

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