SHIB, BONE, and LEASH tokens have all crashed over the past 24 hours because of a problem that allegedly resulted in lost Shibarium tokens.
Tokens in the Shib universe have plunged to different levels following a problem with bridging on the recently-launched Shibarium. Members of the community holding these tokens were left disappointed as many expected the Shibarium launch to bring good tidings and spike prices.
At the time of this writing, SHIB has fallen over 8% in the last 24 hours, with Shibarium governance token BONE losing more than 17%, according to data from CoinMarketCap. The ecosystem’s Doge Killer (LEASH) token had the worst plunge, at 22% over the last day.
The reactions follow a reported issue after a few screenshots suggested a problem with the Shibarium network launch. One such screenshot reportedly showed a Telegram message sent by lead developer Shytoshi Kusama admitting a problem. Kusama was allegedly saying that the team had lost ETH bridged to the network.
In case yall were wondering how Shibarium is going pic.twitter.com/S5vjTxoMDk
— ʎppɐꓷ ɯooɹɥS (@shroom_daddy) August 16, 2023
In a tweet, blockchain enthusiast ZachXBT said Shib had more than 954 ETH in the bridge contract, worth more than $1.7 million ETH at the time. In another tweet, ZachXBT said the BONE lost was worth over $762k. The blockchain enthusiast said that although they may not be able to confirm the loss, the “RPC is dead.” ZachXBT said the Shibarium launch was “sloppy” and described the block explorer as “awful.” The RPC runs key blockchain software.
In another post part of the first screenshot revealing Shytoshi’s admittance, the user added that they couldn’t receive the BONE sent to them because the block scanner was faulty. The account also confirmed the faulty RPC, stating that the block height is “changing up and down” when it should “only go up as block number only increases.”
At press time, Shibarium’s RPC website is not working. Also, Shibarium has not officially commented on the problem.
Shibarium Problem Shows Layer 2 Network Has Launch Issues
According to Shibarium blockchain data, there have been no activities for 4 hours as of writing time. In addition to these problems, a CoinDesk report revealed that users on a Discord community forum have been unable to send messages since reports began to spread.
The problematic Shibarium launch is disappointing considering that members of the Shib community have anticipated the network for a while. Last month, Coinspeaker reported that Shytoshi hinted at an August launch during a Toronto conference. As part of the announcement, Shytoshi also hinted at a decentralized autonomous organization (DAO) called DoggyDAO. The DAO will help to fund Shibarium projects under the control and direction of SHIB holders.
In March, Shiba Inu launched a testnet called PuppyNet for anyone to develop and launch decentralized applications (dApps). PuppyNet also functioned as a decentralized governance module and a crypto payments processor for businesses interested in cryptocurrency transactions. By June, the total number of PuppyNet transactions had scaled 20 million across at least 17.7 million addresses. The testnet also had an average block time of 5 seconds.