The highly anticipated L2 Shibarium mainnet, led by lead creator Shytoshi Kusama, underwent a rocky restart after meeting excessive traffic just one week after its introduction. The blockchain has been put into a fail-safe mode to handle the increase in demand and maintain stability.
Shortly after its inception, the Shibarium mainnet experienced a surge in users, which caused performance concerns. The mainnet was created to better the Shiba Inu ecosystem by offering improved scalability and utility. The development team had to briefly stop several functionalities while they adjusted the system since the network’s reaction to the increased traffic activated fail-safe procedures.
The placement of additional validators on the network is one of the key responses to this circumstance. The Shiba Inu community was caught off guard when a whale, identified by the wallet address “0x3442,” carried out two significant transactions amid these occurrences. The report states that 4,627,778,173,637 SHIB tokens were transferred in the initial transaction to the wallet address “0xA9d1.”
SHIB Price Decrease By 1% In 24 Hours, Market Reacts
It was also gathered that the same wallet transmitted 12 billion SHIB tokens to a different wallet address marked “0x95B5”. Speculation has intensified on the motives of this whale and the effects of his actions on the Shiba Inu ecosystem. These speculations have also affected the trading market price.
The price of the SHIB token decreased by 1% over the last 24 hours, with the current trade price circling at $0.0000079. On a more positive note, network stability has been ensured by introducing a new monitoring system and additional fail-safe methods, such as RPC-level rate limitation and automatic server resets.
The wallet address “0x3442” was also the recipient of a huge transaction, purchasing a sizeable amount of 4,639,778,173,637 SHIB tokens which was said to have traded on Etherscan via the wallet address “0xc684” yesterday. Monitoring the reaction by the SHIB online community, they believe that the continuing story about Shiba Inu’s growth and evolution is more intriguing by these coins’ frequent movements within the network.
BONE Price Increase By 1% Amid News Of Shibarium Impending Reopening
It has been confirmed that users must now lock in a minimum of 10,000 BONE tokens to act as a validator on the Shibarium network. This action is anticipated to share the power of validation further and encourage community members to participate in network security actively. The price of the BONE token increased marginally by 1% in response to the news that Shibarium would soon reopen to the general public; hence, currently trades for $1.20.
The significant increase in SHIB burn rate, which soared by a startling 1300% in the last 24 hours, is another major component of this upgrade. This unexpected increase in burn rate reveals increasing activity inside the Shiba Inu network, which is linked to recent developments and elevated user involvement.
Jake Simmons, a cryptocurrency journalist with NewsBTC, reported that among the challenges faced by the network was the unscheduled seizure of 965 ETH, representing $1.7 million (at the time of the event). The unfortunate development was linked to the huge increase in experience in the network a few minutes after the post-launch. The report also had it that 600,000 BONE and 1000 ETH tokens were deposited in the first 15 minutes of the launch.