Shiba Inu’s Lead Developer addresses Shibarium concerns, dismissing FUD and bridge worries. Denying any issues, the team attributes challenges to overwhelming user traffic. Stay informed about Shiba’s response to massive SHIB transfers and market dynamics in this comprehensive report.
Shiba Inu team responds to massive SHIB transfers post Shibarium launch, attributing technical difficulties to overwhelming user traffic.The Shiba Inu development team has swiftly addressed concerns circulating within the cryptocurrency community following the significant SHIB token transfers that transpired in the wake of the highly-anticipated launch of Shibarium, an Ethereum-based layer-2 blockchain solution. In a detailed blog post released today, the Shiba Inu team has clarified the situation, elaborated on the technical challenges faced, and assured users of the safety of their funds.
SHIBA INU Team Denies Any Bridge Issue
In a resolute stance, the SHIBA INU team categorically rejected any claims of issues with the bridge that facilitated the transfers. Rather, they attributed the tumultuous series of events to an unprecedented surge in transactions and user activity directly following the unveiling of Shibarium. According to the team, the sheer scale of new users, fueled by the enthusiasm of the ShibArmy community, inadvertently triggered a strain on their technical infrastructure.
The network, which was not prepared for such a sudden and substantial influx of users, encountered critical technical challenges as a result. Despite deploying validators with automatic scaling capabilities, the system experienced strain due to the unforeseen spike in traffic. To mitigate this, the Shiba Inu team is diligently working to upgrade the infrastructure in line with the escalating user numbers, and they have enlisted the aid of partners such as Unification to facilitate a smooth scaling process.
Referencing data provided by Alchemy, a network activity monitoring provider, the blog post underscored the magnitude of the traffic surge triggered by Shibarium’s launch. In a mere 30 minutes, the debut of Shibarium generated a staggering 160 million compute units, far surpassing the monthly allowance of 400 million compute units. This extraordinary surge, the blog emphasized, underscores the robust and dynamic nature of the ShibArmy community.
A notable example of this activity manifested in a colossal transaction involving the transfer of 4.7 trillion SHIB tokens, equivalent to an approximate value of $43,285,460. This event, coupled with the Shibarium launch, prompted inquiries into its potential impact on the token’s market dynamics. Notably, not only Shiba Inu tokens experienced such movements, as other prominent tokens like BONE also faced significant shifts.
Shiba Inu Faces Value Decline Amidst Unanticipated Altcoin Market Turbulence
While Shibarium’s introduction was envisioned to elevate the adoption and utilization of dog-themed cryptocurrencies across the ecosystem, an unforeseen downturn in the altcoin market has unfolded. Despite the heightened expectations, Shiba Inu has encountered difficulties maintaining its value amidst the market’s volatility. In the span of a single day, the token’s value has declined by approximately 6%, leaving it currently trading at $0.000008908.
As the Shiba Inu team diligently endeavors to modify their network to accommodate the mounting demand from their robust community, they implore users to exercise patience during this transitional phase. Additionally, they urge the community to disregard unwarranted concerns, remain cautious of potential phishing attempts, and exclusively rely on official sources from Shib.io for reliable information.