Courtesy: TradingView
- Shibarium resumes block production after halting due to unexpected traffic surges.
- Shiba Inu insures $2 million for any potential post-restart issues.
Enthusiastic Comeback! Following a brief halt, the Shiba Inu Layer-2 Shibarium network is back in action, pumping out blocks once again.
Rapid Response to Traffic Surges
Shiba Inu’s Layer-2 Shibarium, which recently went live, had to temporarily halt operations due to traffic that surpassed even their own high expectations. According to sources like Shibariumscan.io, the network is now back and fully operational. It’s worth noting that this stoppage was a proactive measure to guarantee the safety of users’ funds.
A Transparent Update by Kaal Dhairya
Shiba Inu’s developer, Kaal Dhairya, kept the community informed with an official update on August 18th. Detailing the reason behind the stoppage, he mentioned,
“While inspecting the situation, we discovered countless contract creations and regular transactions in just one block.”
This overwhelming traffic prompted Shibarium, a fork of the renowned Polygon, to shift into its fail-safe mode, prioritizing the security of its users’ funds.
To further assure the community, the Shiba Inu team has made the commendable move of insuring a whopping amount of $2 million. This is to cover any potential issues concerning the retrieval of funds once Shibarium operations are fully normalized.
Countering FUD and Restoring Trust
Unfortunately, not all reactions to this temporary setback were constructive. Dhairya pointed out a particularly harmful piece of FUD (Fear, Uncertainty, Doubt) circulating online which caused unwarranted distress among the ShibArmy. While addressing this, he emphasized the importance of relying only on official sources for accurate information.
Market Reactions: A Resilient Rebound
Despite initial jitters which saw several traders liquidate their SHIB, BONE, and LEASH tokens, there’s an evident rebound in prices post the Shibarium’s restoration. The recent dip in SHIB’s price to $0.0000082, marking an 11% decline, is seeing a turnaround. BONE too, despite a 15% dip, is currently trading at $1.18. Similarly, LEASH is making its way up, trading at $430 after a slight 5% drop.
This rapid recovery not only testifies to the resilience of these tokens but also to the unwavering faith of the ShibArmy, proving once again the strength of community-driven projects in the crypto space.
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