Claim $500Breaking: Shibarium Restarts Block Production, SHIB And BONE Rebounds
Shiba Inu’s Layer-2 Shibarium network has restarted, producing blocks again after almost a day without transactions. Lead developer Shytoshi Kusama confirmed earlier that high-level traffic on the blockchain caused some issues, but the funds are safe. He also said there are no problems with the bridge or the chain and Shibarium will restart soon.
Shibarium Is Producing Blocks Again
According to Shibariumscan.io block explorer, Shiba Inu’s layer-2 blockchain Shibarium is back online and producing blocks. Shibarium network entered a fail-safe mode and stopped operating to ensure the safety of funds due to the traffic exceeding expectations after the Shibarium mainnet went live.
Shiba Inu developer Kaal Dhairya in an official blog on August 18 revealed scaling operations to support massive traffic on Shibarium. The team will also post regulator updates on the status of the Shibarium network, which is a fork of Polygon.
“In fact, as we slowly and carefully investigated where the problem exactly took place and found thousands upon thousands of contract creation and normal transactions IN ONE BLOCK.”
In addition, the Shiba Inu team has decided to insure an amount of $2 million in case there is any issue in retrieving funds after Shibarium is restarted.
After the announcement, the network started producing blocks again as the team monitors the chain. However, ShibArmy is concerned about the FUD that harms the project.
Also Read: SEC All Set to Approve First Ethereum Futures ETF in US
FUD Caused Massive Selloff Of Shiba Inu Ecosystem Tokens
Whales and traders dumped their SHIB, BONE, and LEASH tokens, but the FUD caused them to liquidate their most holdings. Meanwhile, prices are bouncing after the Shibarium is back online despite the selloff in the broader crypto market.
SHIB price fell 11% in the past 24 hours, with the price currently trading at $0.0000082. The 24-hour low and high are $0.0000076 and $0.0000093, respectively.
Meanwhile, BONE price currently trades at $1.18, down 15% in the last 24 hours. LEASH price is trading at $430, down 5% in 24hrs.
Also Read: BTC Price Dump Far From Over, Sub $20k Crash Incoming?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Aave DAO Saga Deepens as Alignment Proposal Moves to Snapshot; AAVE Price Down 7%
- Fed’s Stephen Miran Urges More Rate Cuts In 2026 To Avoid U.S. Recession
- Breaking: $4T JPMorgan Explores Crypto Trading for Institutional Clients as U.S. Banks Embrace Crypto
- Bitcoin and Ethereum ETPs See $1B in Outflows as Institutions Rotate into XRP
- Michael Saylor’s Strategy Pauses Bitcoin Buying as Crypto Market Anticipates a ‘Santa Rally’
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
