Shibarium, Shiba Inu’s layer-2 network, is still waiting for a reboot. At the time of going to press, Shibarium was still not producing any blocks, as Shibariumscan.io’s block explorer shows. As a reminder, Shiba Inu’s highly anticipated layer-2 went offline minutes after its official launch on Wednesday.
In the wake of the unexpectedly high traffic that temporarily took the Shibarium network offline, the Shiba Inu team is diligently working on a solution to restore normalcy, the devs assured today. With many investors keeping a close eye on developments, there is one notable promise from the team – they emphasize that users’ funds are safe. When Shibarium went offline, $1.7 million was stuck in the ETH Bridge.
Shibarium, which is a fork of the renowned Polygon network, saw an unprecedented number of “compute units” of traffic shortly after its launch. This influx resulted in, as Shiba Inu developer Kaal Dhairya put it, “thousands upon thousands of contract creation and normal transactions IN A BLOCK.” As a result, the Shibarium network activated its failsafe mode and ceased operations to ensure the safety of assets within the blockchain.
In an update today, SHIB developer Kaal Dhairya wrote in a blog : “Shibarium received millions of ‘compute units’ of traffic in a matter of moments. At that point, Shibarium’s amazing system went into failsafe mode and paused to make sure the funds were safe…. And they are.”
The transparency of the Shiba Inu team continues to be evident as they not only recognize the current challenges, but actively seek expert assistance to address them. But the scaling issues seem to be bigger than expected, as the network is approaching a 48-hour downtime (with short interruptions).
Shibarium is still offline | Source: //www.shibariumscan.io/blocks
When Shiabrium will be back online is still unclear, Dhairya announced: “Tomorrow I will send another update to inform our army of the status of Shibarium Scaling!”
Shiba Inu (SHIB) Shows Resilience
The Shiba Inu price briefly fell back to $0.00000727 yesterday amid the market-wide crash, posting a 20% drop. However, SHIB managed to defend a new higher low (albeit just barely) – a bullish sign.
In addition, SHIB bulls have succeeded in ushering in a recovery. At the time of writing, SHIB was trading at $0.00000838, currently trading just above the 23.6% Fibonacci retracement level at $0.00000833. A daily close above this price level would be a bullish exclamation point. This would open the possibility of a move up to the 200-day EMA at $0.00000935, which was lost on Wednesday as a result of the Shibarium stall.
A quick bounce of the 200-day EMA would be a strong sign. As then, the area between the 38.2% Fibonacci retracement level at $0.00000979 and the psychologically important $0.00001 level would come into focus. This area could be highly contested.
However, if a breakout succeeds, the next targets are $0.00001096 (50% Fibonacci), $0.00001213 (61.8% Fibonacci) and $0.00001381 (78.6% Fibonacci) before the yearly high at $0.00001593 becomes the final hurdle for a bullish breakout of SHIB.
SHIB falls amid market crash, 1-day chart | Source
Featured image from iStock, chart from TradingView.com
Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.
Read more
His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.
Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.
For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.
As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.
In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.
You can engage with his latest takes on Twitter: @realJakeSimmons.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
