22. February 2024

• Shiba Inu announced that it would be relaunching its layer-2 blockchain platform Shibarium following an initial launch failure.
• The project’s bridge had experienced major issues resulting in nearly $1.7 million worth of ETH and BONE tokens getting stuck in the contract.
• Shiba Inu developers have also released a “SHIB Paper” to quash FUD about the project’s decentralization efforts.

Shiba Inu Announces Relaunch of Shibarium

Shiba Inu has announced plans to relaunch its layer-2 blockchain platform Shibarium after botching the initial launch due to network issues and a faulty network bridge. About 956 ETH (nearly $1.7 million) and $750,000 worth of BONE tokens got stuck in the contract as a result of this glitch. The Shiba team is now almost ready to reopen, having added various measures such as a new monitoring system for validator data and rate limiters at the RPC level, among other changes, to ensure smoother operation. Furthermore, additional validators are set to go live on the network giving users more ways to stake their BONE tokens.

FUD Addressed with SHIB Paper

The lead developer behind Shiba Inu, Shytoshi Kusama, has addressed those who have been spreading FUD about SHIB token or its ecosystem by claiming that even though there were glitches during its launch process, it still disproved these claims nonetheless. Additionally, they recently released a document called ‘SHIB Paper’ which outlines key ideas behind SHIB’s decentralization; defining ‘Shiba Inu State’ as a medium for collective prosperity and interweaving digital tenets with tangible community values.

Bearish Pressure Against Meme Token Remains Strong

Despite these developments, bearish pressure against meme token SHIB remains strong; with prices moving inside a bullish pattern over recent days – however without any significant jumps yet being seen on price charts. It is unclear how much longer SHIB can keep afloat before investors start taking profits or if the market sentiment will shift towards seeing more upside potential from here on out.

What Is Shibarium?

Shibarium is an Ethereum-based decentralized application (dApp) platform built on top of Ethereum’s Layer 2 scaling solution Optimistic Rollup (OR). It allows users to build dApps faster and cheaper than ever before while still leveraging all the security benefits associated with Ethereum mainnet transactions – making it ideal for use cases such as NFTs or DeFi applications that need fast speeds but also don’t want to sacrifice security or user experience in order to do so.’

Conclusion

It appears that Shiba Inu is doing what it can to fix up their botched launch and remain competitive in this rapidly evolving landscape; however only time will tell whether their efforts pay off in terms of price movements or not – especially given that bearish pressure continues for now despite improvements made by the development team thus far