Shibarium, the Layer 2 blockchain developed by the creators of the Shiba Inu memecoin, recently announced the reopening of withdrawals on its bridge, giving relief to its users following its temporary suspension. The suspension due to scalability issues had rendered millions of dollars of user funds inaccessible. Here are the details…
Shibarium hit the market 12 days ago
Shibarium’s mainnet launch on August 16 was followed by a quick pause due to heavy transaction flow. This has raised concerns among the community about the safety of their assets. However, the team assured users that full access to their funds will be restored once the mainnet is back up and running. After days of uncertainty and restricted access, the Shibarium team has confirmed the full functionality of both mainnet and bridge withdrawals. This announcement brings much needed clarity to the community.
According to the official announcement, users can now initiate withdrawals for a range of assets including Ethereum, Shib, Leash and wrapped Ethereum. Local Bone token withdrawals are also available. However, in accordance with the design specifications of the network, it may take up to 7 days to perform these operations. Shiba Inu lead developer Shytoshi Kusama expressed his gratitude to the Polygon team for their timely support during this challenging period. “Shibarium is alive and well,” Kusama said. Thus, he pointed out that the scaling issues were successfully resolved.
Kusama warns the community
Despite the positive developments, Kusama advised the community to be cautious about tokens built on the Shibarium platform, urging investors to conduct thorough due diligence before making an investment decision. He also shared technical details, including Shibarium’s bridge address, RPC, and chain ID. Following the reopening of the Shibarium mainnet, Shiba Inu ecosystem tokens experienced a surge and BONE and LEASH tokens witnessed over 15% growth. However, the price of SHIB has come under pressure and has fallen by 2% in the last 24 hours.
The resurgence of Shiba Inu’s SHIB token is particularly notable amid the relative stability of the broader market. The token’s latest green candle signals renewed optimism among investors. SHIB’s path of least resistance stands up, as multiple support levels strengthen its position, according to analyst Varinder Singh. This fuels the prospect of a potential rise in the coming trading week. As a result, Shibarium’s successful resolution of scaling issues and reopening of fund withdrawals has allayed concerns within the community.
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