• The highly-anticipated Shibarium layer-2 network of Shiba Inu has encountered problems with its bridge contract, where $1.7 million worth of Ethereum is currently stuck.
• Despite the issues, a Shiba-themed meme coin called Shiba Memu (SHMU) is having success with its token presale which has hit $2.1 million in a little over a month.
• Blockchain sleuth ZachXBT highlighted that $762,000 worth of BONE, a Shibarium governance token, was sent to the bridge contract.
Shibarium’s Layer-2 Network Struggles
The much-hyped layer-2 network of Shiba Inu , Shibarium, is having significant problems a day after its launch. The network was expected to turn the tables of the SHIB token, which has been under bearish pressure for the last seven days; but that has not been the case. The token has dropped by over 10% since the Shibarium went live. According to an analysis of the Shibarium network’s bridge contract, which transfers money from Ethereum to the layer-2 solution, there is currently $1.7 million worth of Ethereum stranded between the two networks. The locked status of the funds has been confirmed by the blockchain security team Beosin, who has advised people to stop using Shibarium temporarily. In addition to the locked-up tokens, blockchain sleuth ZachXBT highlighted that $762,000 worth of BONE, a Shibarium governance token, was sent to the bridge contract.
Successful Token Presale for Shiba Memu
Despite these issues with Shibarium’s launch and SHIB’s declining price performance on spot markets another Shiba themed meme coin called Shiba Memu (SHMU) is taking off with its own success story in form of its successful token presale which raised over 2M dollar in just one month . Leveraging on artificial intelligence (AI) and crypto hype around meme coins it quickly became popular among investors and traders alike who are looking for high potential returns from their investments in relatively new projects like these meme coins .
Risk Associated With Investing in New Projects
It should be noted however that investing in such new projects always carries certain risk factors as there could be considerable delay or even complete failure due to technical hickups along with other external factors like market conditions or lack thereof . It should also be taken into account that many projects do not have any underlying use cases other than being traded for speculative purposes . Therefore it is recommended that one should always conduct thorough research before investing money into any kind project whether it’s related to shibas or not .
What Should Investors Do?
In light of these issues faced by users on shibarium , Beosin Alert recommended users to temporarily stop using this network until more information regarding this matter becomes available . As far as shibamemu is concerned , investors should educate themselves about all risks associated with new projects before making any investment decisions and only invest what they are willing to lose as these investments may be highly volatile and risky in nature .
New projects like shibamemu can often offer great opportunities for traders and investors alike but at same time they come with their own set of risks which must be taken into account before investing money into them . Until more information becomes available regarding Shibariun issue , investors should take caution when considering investing into any new project including but not limited too those related shibas or memes coins