Breaking: Shiba Inu Lead Dev Dispels Shibarium FUD, Denies Any Bridge Issue

The Shiba Inu team has responded to concerns surrounding the recent significant SHIB token transfers that occurred immediately after the unveiling of the Ethereum-based layer-2 blockchain, Shibarium. In a blog post, the team addresses the frenzy, clarifies technical difficulties, and reassures users of the security of their funds.

SHIBA INU Team Denies Any Bridge Issue

The team insists on the security of customer payments and vehemently rejects any bridge concerns. Instead, they blame an enormous increase in transactions and users after the Shibarium debut for the technological difficulty. The team recognizes the enormous influence the ShibArmy community has, which unintentionally increased traffic on websites and exchanges.

The network was severely strained by the increase in traffic, which caused technical issues. The team is carefully scaling up the infrastructure to match the sharp rise in users despite having validators on autoscale. To achieve a smooth scaling process, they are working with partners like Unification.

The blog uses information from the network activity monitoring provider Alchemy to show the scope of the traffic surge. Shibarium’s launch generated more than 160 million compute units in just 30 minutes, greatly exceeding the 400 million compute units allowed per month. This surge in traffic, which was previously unheard of, showed how strong the ShibArmy is, the blog stated.

One such example of massive whale transactions after the Shibarium launch is the transfer of a whopping 4.7 trillion SHIB tokens, approximately valued at $43,285,460. This event, along with the launch of Shibarium, raised questions about its impact on the token’s market dynamics. And not just Shiba Inu, whales are also dumping BONE tokens.

As they strive to modify the network to meet the increasing demand, the team asks the community for its patience. The blog continues by advising users to dismiss any unwarranted concerns, exercise caution around any links that might be phishing, and only believe official Shib.io sources.

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SHIBA INU Price Drop Continues Even After Shibarium

Shibarium was supposed to increase the adoption and usage of dog-themed coins throughout the ecosystem, but instead, the altcoin market unexpectedly declined. Shiba Inu is struggling to hold its value under market turbulence, with the token’s value falling by about 6% in just one day with its price currently trading at $0.000008908.

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