Shiba Inu’s Shibarium Goes Live, but SHIB Price Faces Decline

Shiba Inu’s lead developer, Shytosi Kusama, has proudly declared the launch of Shibarium, an L2 scaling solution built on the Shiba Inu blockchain.

Despite a bumpy journey marked by technical hiccups and price turbulence, the platform is now operational

After a period of rigorous testing and refining, Shiba Inu has reached a significant milestone with the launch of Shibarium.

In a blog post, Shytoshi Kusama highlighted the project’s progress, revealing that even prior to the official announcement, Shibarium had garnered an impressive user base of over 65,000 wallets.

Notably, it had already processed 350 transactions, indicating a lively start.

Shibarium’s L2 scaling solution provides a space for an array of tokens, some of which are playful, unconventional, or even controversial.

Kusama praised the strategic decision to fork Polygon and bring Shibarium to fruition, a move that has evidently shaped its promising trajectory.

In the midst of its debut, Shibarium encountered technical challenges that led to turbulence for Shiba Inu’s primary native token, SHIB.

The token’s price plummeted, erasing weeks of positive performance. The platform also faced considerable “FUD attacks,” referring to instances where fear, uncertainty, and doubt were spread about the project.

In response to these challenges, Kusama encouraged the community to maintain focus on the bigger picture and long-term goals, rather than being swayed by short-term market fluctuations.

He underscored the significance of building during bearish market conditions, as it often positions projects for success during bullish periods.

However, despite the upbeat news surrounding Shibarium’s launch, SHIB’s price performance hasn’t witnessed a significant positive impact. The token’s value has decreased by more than 2% in the past 24 hours, currently standing at less than $0.000008.