• Shibarium witnessed a massive number of transactions after its launch.
• SHIB, BONE, and LEASH have not done well since Shibarium’s launch. 

After months of waiting, Shiba Inu’s [SHIB] much-hyped Shibarium was launched on 16 August. However, the launch did not go as expected, as SHIB’s price dropped sharply. In fact, Shibarium’s hype was not reflected on the memecoin’s chart even a day after its launch. 

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Shibarium launch did not go as planned

The Ethereum [ETH] Layer-2 (L2) solution was unveiled following the testnet’s launch several months ago. Shibarium’s USP lies in the fact that it uses a new consensus mechanism called Proof-of-Participation (PoP), which selects validators based on their cryptocurrency holdings.

However, soon after its launch, rumors started circulating regarding issues with the bridge, causing technical difficulties. But the team soon posted a blog, putting an end to the rumors. It affirmed that the issues were a result of the massive influx of transactions and users around the time when Shibarium went live.

However, the increased number of transactions did not affect Shiba Inu’s price. Over the last week, the token’s price dropped by more than 15%. In fact, in just the last 24 hours, SHIB’s value plummeted by over 7%.

At press time, it was trading at $0.00000

Go to Source to See Full Article
Author: Dipayan Mitra

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details