Shiba Inu Community Leaves Shibarium Launch Troubles Behind As Wallet Count Crossed 10 Million

Name	Symbol	Market	Market Cap ($)	Algorithm
BONE SHIBASWAP	BONEUSD	Crypto	133,008,915	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

BONE SHIBASWAP

BONEUSD

Crypto

133,008,915

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.001455	0.27%	0.53361

Price Change

Price Change %

Current Price

Bid Price

Offer

0.001455

0.27%

0.53361

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.534801	0.527895	0.532338	0.532155	0.320567 - 1.56

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.534801

0.527895

0.532338

0.532155

0.320567 - 1.56

Exchange	Last Trade	Size	Trade Price	Currency
UNSW3	08:02:35	0.215678	0.485474	USD

Exchange

Last Trade

Size

Trade Price

Currency

UNSW3

08:02:35

0.215678

0.485474

USD

Price x Volume	Volume	Base Symbol	Related Pairs
0.00000000	0.00000000	BONE

Price x Volume

Volume

Base Symbol

Related Pairs

0.00000000

BONE

Shiba Inu Community Leaves Shibarium Launch Troubles Behind As Wallet Count Crossed 10 Million

22/08/2023 4:50pm

NEWSBTC

Shibarium, the scaling solution from the Shiba Inu team, has achieved new milestones after experiencing a significant wave of adoption and user engagement following its launch. SHIB Community Euphoria Sparks Shibarium Meteoric Rise According to a report on August 21, the Shiba Inu ecosystem recorded an astonishing number of new wallets, with over 10 million wallets registered following the launch of the Shibarium network. The layer-2 network also recorded over 160 million compute units and a large deposit of ETH and BONE tokens, 1,000 and 600,000 respectively. Related Reading: Gemini Hits Back At SEC Lawsuit With Dismissal Filing Shibarium’s unexpected rise in user adoption has not been the only noteworthy change the layer 2 scaling solution has experienced. According to reports, Shibarium has experienced a staggering increase in BONE staking. Over 7,569,580 BONE Shibaswap tokens were staked on the Shibarium network. The Shiba Inu community’s response to the Shibarium launch has left the SHIB team members dumbfounded. The enormous engagement from the community reportedly led to a temporary suspension of Shibarium for 30 minutes as the network’s capacity was overwhelmed by the unusual level of user activities. Lucie, a marketer for the Shiba Inu ecosystem, was astonished by the overwhelming success Shibarium experienced. She revealed in a post on X that the Shiba Inu development team had miscalculated the amount of adoption and interest the Shibarium mainnet would garner. Let’s be honest! My $BONE, $SHIB, and $LEASH dropped a lot, just like the whole market. Was I unhappy with @ShytoshiKusama? No! They kept their promises, but they made one mistake. They didn’t understand how much the #SHIBARMY wanted to be on #Shibarium. I’m glad they… pic.twitter.com/z6kUSpUKQx — 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 20, 2023 She also highlighted that the unexpected surge in adoption may have been fueled by the community’s desire to embrace the benefits of potential low-cost transactions and increased efficiency on the Shibarium mainnet. SHIB falls below critical support level | Source: SHIBUSD on Tradingview.com Shiba Inu Lead Developer Addresses Shibarium Network Issues Following the temporary halt of the Shibarium network, Shiba Inu’s head developer, Shytoshi Kusama addressed investors’ concerns regarding the halt. He pointed out that the issues rose from an unexpected increase in users, while reports revealed that transactions on Shibarium were paused for over 10 hours as a result of a server failure and a faulty bridge. Related Reading: Dogecoin Proof Of Stake Discussion Heats Up As Lead Dev Chimes In Kusama has, however, reassured the SHIB community, stating that the Shibarium mainnet was proceeding smoothly. He explained that the Shibarium network was undergoing various tests and reconfigurations to ensure that the network can withstand a high influx of users in the future. He further added that several features have been integrated into the network including a rate-limiting at RPC level and an auto server reset to prevent future outages. Following this, reports suggest that Shibarium’s testing processes have seen significant success and the network is poised to reopen soon. Featured image from Unsplash, chart from Tradingview.com

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