- Shiba Inu’s much-awaited Layer 2 solution Shibarium hit a brick wall after its launch on August 16.
- The lead developer of Shiba Inu added in a recent blog post his ideas on reviving Shibarium.
- SHIB price continues to reel from losses after the sudden sell-off on August 17.
Shiba Inu enthusiasts and supporters were disappointed when Shibarium briefly paused block production after its launch on August 16. Shortly thereafter, rumors started circulating about how the developers messed up, causing millions of Ethereum (ETH) to be stuck on the blockchain. Shytoshi Kusama, the lead developer of Shiba Inu, in a recent blog updated plans on how the Layer 2 scaling solution Shibarium will move ahead.
Shiba Inu faces hurdles, but lead developer promises smooth sailing
Shiba Inu, a popular meme coin, was at the center of rumors when its Layer 2 scaling solution Shibarium stop producing blocks after its launch on August 16. The alleged rumors were that millions of dollars worth of Ethereum (ETH) were stuck on the newly launched Shibarium blockchain. But Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, penned a blog on August 18 addresses these rumors. The anonymous developer stated that the screenshot circulating was “fake” and has “caused incredible harm to our state.”
The fonder further added that the $2 million stuck on the Shibarium chain are safe and insured. Should the chain restart by any chance, affected users will be reimbursed.
In the latest update posted on August 19, Kusama notes that the Shibarium blockchain has restarted and is still under testing. The Shibarium team is working closely with other professionals to improve the current process. In this regard, the blog states,
“We spoke to the incredible Alchemy team and they have scaled operations for Shibarium 1500%. We have worked with the decentralized team and validators to scale the server infrastructure 1500% as well with top-notch metal infrastructure.”
SHIB price stuck with losses
SHIB price slide 37% from its recent top of $0.0000114 to set a low of $0.00000713. Interestingly, the recent markekt crash knocked Shiba Inu price down to retest the June 18 swing low. While this level provides a support, for the time being, investors need to pay attention to the $0.00000904 hurdle.
A recovery above this level that flips it into a support floor will be a key buy signal. The three-day Relative Strength Index (RSI) currently sits at the mean level of 50, which suggests that there bulls and bears have an equal chance of regaining control.
In case, Shiba Inu price manages to hold above the said level and bulls take control, SHIB could trigger a near-30% rally to tag the next meaningful hurdle at $0.0000117.
SHIB/USDT 3-day chart
On the other hand, if Shiba Inu price fails to recover above $0.00000904 hurdle, it could signal that the bears are still in control. In such a case, SHIB could revisi the June 18 swing low at $0.00000713.
Like this article? Help us with some feedback by answering this survey:
Source