On August 16, the highly expected layer-2 blockchain for Ethereum (ETH) was launched: Shibarium.
Amid high expectations for this new scaling solution that is being built within the Shiba Inu’s (SHIB) ecosystem, frustration came when the network was forced to shut down, and users’ funds were locked in a smart contract that was supposed to be a bridge between the Ethereum Network and Shibarium.
Now, the leading developer in charge of Shibarium, Shytoshi Kusama, posted a new blog update, stating that the network is almost ready for a public restart.
SHIB 1-week price chart. Source: Finbold
Shiba Inu, which was first created as a meme coin to overcome Dogecoin’s (DOGE) dominance as a meme asset, has also lost a few ranks by market cap, sitting in the 15th position according to CoinMarketCap’s index.
Both price and rank performance present a challenge for the ‘ShibArmy’ — working hard to regain the market’s trust in the Shibarium Network. If the developing team manages to restart Shibarium with a safe and positive outcome, this could help SHIB’s price. But further updates are still needed.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
