The launch of the Layer 2 network Shibarium was tipped as a catalyst that could spark an upward trend for the Shiba Inu token. However, less than 24 hours after launch, a certain bridging issue looks to have had an undesirable impact on SHIB’s price.
Shibarium’s Launch
Shibarium officially launched on August 16, following so much hype around the network. And despite joining an already saturated layer-2 space, the Ethereum layer-2 network was set to position itself as a major player in the decentralized finance (DeFi) world.
Shibarium’s launch was highly significant for the Shiba Inu community as the network employs SHIB as its ecosystem token, which would undoubtedly increase the meme token’s value as activity on the network increases.
Shiba Inu’s developers also hoped to use Shibarium to change Shiba Inu’s outlook by portraying it as a serious blockchain project rather than just being known by its meme token SHIB, which is themed after the Shiba Inu dog breed.
The developers have chosen to incorporate fellow dog-themed tokens, BONE, TREAT, and LEASH governance tokens on the Shibarium chain.
According to them, SHIB tokens would be burned every time a transaction was carried out on the layer 2 network. This led to anticipation around a consistent reduction in supply leading to a price increase. But the network’s launch…
