Shiba Inu’s Shibarium layer-2 solution off to a rocky start

The price of the Shiba Inu (SHIB) token fell over 7% on Thursday after a bumpy launch of “Shibarium”, a Layer 2 scaling solution on the Ethereum blockchain, earlier in the day.

See related article: Shiba Inu explained – he dived beyond the memecoin

brief info

  • Shortly after Shibarium’s launch, crypto data tracker PeckShield Alert was released written down that $1.7 million worth of ETH was stuck as users attempted to transfer tokens to Shibarium.
  • As the Shibarium bridging issue played out, the price of the SHIB token fell, losing 7.34% in the 24 hours to 5:00 p.m. in Hong Kong, according to data from CoinMarketCap. BONE, another token issued by the Shiba Inu developers, plunged 18.25% over the same period.
  • Pseudonymous blockchain analyst ZachXBT said On Thursday, the company announced that Shibarium’s Remote Procedure Call (RPC) — a blockchain node that runs key client applications — had malfunctioned.
  • Shibarium RPC’s website was unavailable in Hong Kong as of Thursday evening.
  • Shibarium is part of a broader plan to make the memecoin a serious blockchain project. But beyond the bridging disruption, analysts raised concerns about this strategy.
  • “Perhaps the community has preferred the memecoin-only narrative to the foundation trying to be another solution in a crowded DeFi space,” said Justin d’Anethan, head of APAC business development at Belgium-based crypto market maker Keyrock .
  • Introduced at the ongoing Blockchain Futurist Conference in Toronto, Canada, Shibarium is a proof-of-stake blockchain developed by Shiba Inu developers. The aim is to enable cheaper and more scalable transactions on the main Ethereum network, according to the developers.
  • Applications built on the network use the Shiba Inu ecosystem tokens SHIB, BONE, LEASH, and TREAT.
  • The BONE token validates transactions and serves as a means of payment for gas fees, while SHIB serves as the governance token of the SHIB Doggy DAO.
  • The still-forming SHIB Doggy DAO is a decentralized autonomous organization that will go on to govern the Shiba Inu ecosystem and will be advised by digital asset advisory and investment firm Alpha Transform Holdings.


TaraSubramaniam is a Dailynationtoday U.S. News Reporter based in London. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. TaraSubramaniam joined Dailynationtoday in 2023 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing:

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