Breaking: 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?