A Shibarium Shakeup?

Goat News #89

3 min readAug 17, 2023

GM, crypto fam

Wake up and smell the digital currency; it’s Thursday, and the crypto landscape is bubbling with intrigue and innovation.

Here’s the menu for today’s feast of information:

SHIB, BONE, LEASH Tokens Dip: A Shibarium Shakeup?
Coinbase Enters the Futures: A Game-Changer for U.S. Investors?
SEI Token’s Trading Triumph: Haters Gonna Hate?
XCAD Network’s Bullish Rise: A Token Worth Watching?

Ready to take a bite out of today’s crypto delicacies? Let’s GOat

SHIB, BONE, LEASH Tokens Dip: A Shibarium Shakeup?

The launch of Shibarium’s mainnet on August 16th was supposed to be a new dawn for DeFi. A layer 2 scaling solution for the Ethereum network, Shibarium promised to simplify blockchain trading and ignite a sharp appreciation for its associated tokens: SHIB, BONE, and LEASH.

But alas, dreams were dashed. An 8.1% dip in SHIB, a 14% fall in BONE, and a 23.5% drop in LEASH within 24 hours tell a tale of unexpected tribulation. What went awry?

Rumors swirled of a significant technical error, a $2.5M gaffe that shook the Shibarium community. Screenshots of internal conversations between developers hinted at assets lost and an inability to recover what was bridged to the network.

Blockchain sleuths described the block explorer as “awful,” the last block added was stuck for seven hours. Technical issues with the block scanner left users unable to query their bridged balance, leading to a temporary standstill.

985 ETH stuck on the bridge, block production halts, and an inactive Shibarium Remote Control Protocol (RPC) added to the chaos. Despite these hiccups, Shibarium’s potential glimmers through the fog of uncertainty.

No official statement has been released, but the community’s dissatisfaction is palpable. From staking and bridging concerns to a massive 25% hit in token prices, the anger is real, the disappointment stinging.

Yet, I can’t help but reflect on the fragility and resilience of innovation. The Shibarium story is not just a tale of failure; it’s a human endeavor, a dance between ambition and execution. Mistakes were made, and lessons learned, but isn’t this the essence of growth in the decentralized world?

The community awaits answers, but the questions linger, fueling curiosity and debate. Are we witnessing the growing pains of a burgeoning network, or is there more to unravel?

This dear readers, is more than a market movement. It’s a story of innovation, struggle, triumph, and uncertainty. Shibarium’s mainnet launch is a tale worth telling, a conversation worth having. Are you listening?

CRYPTO NEWS FLASH

Coinbase Wins Approval for Futures: A new dawn for U.S. crypto investors? The platform’s green light to provide access to crypto derivatives is a bold stride forward.
SEI Token’s Trading Surge: Outpacing Bitcoin and Ethereum? Keep an eye on this one, folks, and don’t mind the hashtag #seiscam. Trends fade, but innovation endures.
XCAD Network’s Bullish Climb: Art, collectibles, and NFTs are making waves. Is $XCAD your next big investment? I’m intrigued; are you?