A day after its launch, the highly-anticipated layer-2 network of Shiba Inu, Shibarium, is encountering significant problems. The network was expected to boost the price of the SHIB token, which has been under bearish pressure. However, the token has actually dropped by over 10% since Shibarium’s launch. On the other hand, Shiba Memu (SHMU), another Shiba-themed meme coin, is gaining popularity with its token presale reaching $2.1 million in just over a month.
What is happening with Shibarium?
An analysis of the bridge contract on the Shibarium network, which transfers money from Ethereum to the layer-2 solution, reveals that approximately $1.7 million worth of Ethereum is currently stuck. The locked funds have been confirmed by the blockchain security team Beosin, who advises users to temporarily stop using Shibarium. In addition, $762,000 worth of BONE, a Shibarium governance token, was also sent to the bridge contract.
The response by Shiba Inu’s developer
Shiba Inu’s developer, known as Shytoshi Kusama, denies reports that Shibarium is facing a bridge issue. They state that the technical difficulties are due to the massive amount of traffic experienced on Shibarium and that the team is working to fix the issue and scale up. They assure users that all funds are safe. In response to misinformation and fake websites, access to certain channels in Shibarium’s Discord has been temporarily restricted.
What does Shibarium’s misfortunes mean for Shiba Memu?
While Shibarium faces challenges, Shiba Memu, a token combining AI and the latest technology, has the potential to gain an advantage. Shiba Memu deviates from the traditional meme coin model by incorporating self-sufficiency through AI instead of relying solely on community involvement. As a result, it is positioned to become one of the most popular meme coin projects.
The Shibarium layer-2 network, launched by Shiba Inu, is experiencing difficulties with its bridge contract, leaving approximately $1.7 million worth of Ethereum locked. Meanwhile, Shiba Memu, another Shiba-themed meme coin, has raised $2.1 million in its token presale. Despite Shibarium’s challenges, Shiba Memu stands a chance to gain popularity with its unique approach that incorporates AI technology.
What is Shibarium?
Shibarium is a layer-2 network launched by Shiba Inu. It is designed to improve the scalability and efficiency of transactions for the SHIB token.
What is Shiba Memu?
Shiba Memu is a meme coin project inspired by Shiba Inu. It combines artificial intelligence (AI) and the latest technology to create a self-sufficient marketing powerhouse.
What are the challenges faced by Shibarium?
Shibarium is currently facing problems with its bridge contract, which has resulted in approximately $1.7 million worth of Ethereum being locked. The network’s remote procedure call (RPC) system has also been identified as an issue.
How is Shiba Memu different from other meme coins?
Unlike most meme coins that rely on community involvement, Shiba Memu incorporates AI technology to become self-sufficient. This sets it apart from traditional meme coin projects.