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Shiba Inu Community Sounds Warning Alarm As Scammers Siege Shibarium

In a recent development, the Shiba Inu community has warned of a “scam” project that may be responsible for some of the FUD attacks that have plagued the Shibarium network since it launched on August 16. 

Shibarium Admin Warns Of Scam Project

In a tweet on the X (formerly Twitter) platform, a member of the Shibarium tech team (known as Digarch) shared a screenshot of the admin warning of a scam project set to be deployed on the layer-2 network. According to the Shibarium tech admin named DaVinci, “Pawswap” is the scam project responsible for funding attacks on Shibarium. 

Besides funding these attacks, Pawswap allegedly uses its community to spread fear, uncertainty, and doubt (FUD) about the network. DaVinci said the project and its team had infiltrated the Shibarmy by passing off as Pawzone, a credible project set to launch on the Shibarium network.

Shibarium Shiba Inu scam

As a result of this, he urged the Shib community to stay safe from Pawswap, which he called a “Scam or Shitcoin,” and that they defend the ecosystem from such projects. 

Meanwhile, Digarch, who shared the screenshot, clarified that Pawzone was different from Pawswap, which DaVinci had mentioned, and stated that Pawzone was the team behind the NFT marketplace Pawzaar, which will be one of the NFT marketplaces that will be launching on Shibarium soon. 

Pawswap Legit Or Not?

Following Digarch’s tweet, another user on the X platform said that Pawswap wasn’t a scam and pointed out that the project was certified by Certik, a leading blockchain security firm, and certification always inspires confidence in the minds of the public about a particular project.

Upon further investigation, this user’s assertion is correct, as Certik awarded a silver KYC badge to the project on September 3, according to data from their website. As part of the verification process, Certik also verified 8 of the project’s core team members and reviewed its token contract. 

It is also worth mentioning that the project plans to launch its decentralized exchange (DEX) on the Shibarium network. As such, one might wonder why the Pawswap team would be looking to cause Shibarium to fail when it does not benefit the team. The project also seems to have a significant following, with over 13,000 followers on its X platform. 

While there are no assurances that Pawswap is legit or a scam like DaVinci has asserted, it is important for the community to always do their research. 

This is something that Shibarium’s lead developer, Shytoshi Kusama, has always emphasized in the network’s updates as he mentioned the influx of tokens and projects into the Shibarium ecosystem.

Shiba Inu price chart from Tradingview.com (Shibarium)

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This Metric Indicates Shibarium Is Growing Rapidly Following Its Public Launch

Shibarium has only been live for a few days but is already showing early signs of success. The Ethereum layer-2 scaling solution, which hopes to provide lower gas fees and faster transaction times for the Shiba Inu community, has seen some impressive growth numbers in terms of Total Value Locked (TVL). 

TVL Crosses $1.4 Million

Since Shibarium launched its mainnet, the total value deposited in the network has skyrocketed. The TVL recently crossed $1.4 million, indicating strong interest in the new chain. 

Data from DeFi TVL aggregator DeFiLlama shows that the total TVL in Shibarium has grown to $1.42 million in the past two days. While this amount is small when compared to the total DeFi TVL of $38.731 billion, the rapid growth demonstrates the potential that Shibarium possesses. 

A look through DeFiLlama shows that Shibarium currently has seven protocols. The DEX DogSwap with a TVL of $794,582 accounts for most of the total TVL. Other protocols on the chain are MARSWAP, Woof Finance, WoofSwap, Shibex, LeetSwap, BoneDex, and yield farm ChocoInu.

Shibarium TVL

Shibarium’s growth piggybacks on the vast community Shiba Inu has gathered in the past few years. But the network did witness some hiccups before its launch, as PeckShield reported that a total of $1.7 million was stuck on the bridge. 

Just hours after its launch, the network witnessed a flurry of user traffic, causing it to be temporarily shut down. However, this has been resolved as Shibarium developer Kaal Dhairya explained this was a fail-safe to ensure the safety of the funds.

As of the time of writing, block explorer Shibariumscan shows that there have been a total of 599,554 transactions from 444,134 wallets averaging a daily transaction count of 68,402. 

Will Shibarium Translate To A Higher Price For SHIB?

SHIB’s price has always reacted positively to Shibarium developments. Prior to its launch, the Shiba Inu ecosystem witnessed massive withdrawals from exchanges as many investors opted for self-custody in hopes of what the Shibarium launch might bring. SHIB also saw a jump in price after lead developer Shytoshi Kusama teased Shibarium’s launch on a social media post. 

It would appear, however, that the launch of Shibarium hasn’t really translated into a price spike for SHIB. At the time of writing, the token is trading at $0.000008178 and is down by 1.28% and 1.73% in the past 24 hours and seven days respectively. 

With the recent slump in crypto markets, Shibarium’s early success is a bright spot. This early success of Shibarium could potentially boost the price of Shiba Inu. As investors see the rapid growth in total value locked (TVL) on Shibarium, interest in the supporting SHIB token may increase.

Shiba Inu price chart from Tradingview.com (Shibarium TVL)

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Shibarium Reaches Key Goals: Is SHIB Poised For New Heights?

In a surprising turn of events, Shiba Inu (SHIB) experienced a brief consolidation break, reaching a 10-day high of $0.00000850, following the overall market uptrend on Tuesday. 

This upswing was further fueled by Grayscale’s legal victory against the US Securities and Exchange Commission (SEC). However, Shibarium, the Ethereum layer-2 network backed by SHIB tokens, was the most significant catalyst for the newfound optimism. 

Shibarium’s Resurgence Fuels Bullish Sentiment For SHIB Price

Shibarium, the layer-2 blockchain explicitly designed for the Shiba Inu token SHIB, has achieved a significant milestone with a remarkable surge in wallet count, reaching 337,100.

This surge in new wallet addresses indicates renewed interest and heightened expectations, following recent challenges faced by the SHIB-backed layer-2 platform.

SHIB

The surge in wallet activity clearly demonstrates restored confidence in Shibarium and its potential to provide an “enhanced user experience.” Moreover, the transaction count has rebounded significantly, recovering from a dip that saw daily transactions drop to 40,000 on August 27, after peaking at 132,000 on August 25.

The resurgence, growing confidence, and surge in new wallets and daily transactions have made Shibarium an attractive option for retail investors seeking faster, more cost-effective, and private off-chain transactions while benefiting from the underlying security of the blockchain.

After a difficult start, Shiba Inu delivered positive news by announcing the successful functionality of the highly anticipated Shibarium Bridge on August 28, 2023. This bridge facilitates seamless movement of funds from the Ethereum Layer-1 to the Layer-2 Shibarium platform, improving transaction speed and reducing fees.

Shibarium initially encountered challenges upon its launch, experiencing significant user and transaction volumes that caused an “outage.” 

To tackle this issue, according to crypto influencer Keyur Rohit, Shytoshi Kusama, co-founder of SHIB, sought assistance from Sandeep Nailwal, co-founder of Polygon Labs. Together, they resolved the problems, ensuring the safety of funds. Kusama expressed gratitude to Sandeep for his help.

Notably, in the aftermath of the initial challenges, Shibarium undertook significant improvements. The team expanded their server infrastructure by an impressive 1500% to “better handle” on-chain congestion. 

These corrective measures have resulted in rapid growth of the user base and an increase in the price of the SHIB token.

Additionally, Shibarium has achieved a notable Total Value Locked (TVL) of $1.42 million. This achievement signifies a significant milestone and reflects the increasing enthusiasm within the Shiba Inu network.

SHIB’s Uptrend At Risk? 

SHIB’s recent recovery and positive developments within its native ecosystem have failed to sustain the initial excitement, as the token’s price action has experienced a sharp decline. Over the past 24 hours, SHIB has lost more than 3% of its value, currently trading at $0.00000813.

SHIB

Adding to the concern is the token’s inability to surpass its 50-day Moving Average, as depicted by the brown line on the daily chart above. Since July 2023, when SHIB briefly surged to the $0.000001137 mark, it has struggled to break above this key moving average.

However, there is a glimmer of hope if the overall market, particularly the flagship cryptocurrency, Bitcoin (BTC), paves the way for improved liquidity in the emerging sector. 

If SHIB manages to surpass this significant moving average, it could signal the potential for another strong uptrend, similar to the ones witnessed in July and January, during which the token reached its yearly high.

Featured image from iStock, chart from TradingView.com

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Shiba Inu Community Celebrates New Milestone One Day After Shibarium Goes Public

Shiba Inu’s (SHIB) community’s resolution was tested following Shibarum’s launch, as the network didn’t get off to the best start, dragging SHIB’s price down in the process. However, the community’s faith didn’t waiver, and now, it is in celebratory mode as Shibarium marks a major milestone just a day after its relaunch.

Shibarium Wallets Cross 100,000

Members of the SHIB community have stormed social media to celebrate this major milestone, with many users on the X (formerly Twitter) platform posting several tweets in this regard with the hashtag “#SHIBARMYSTRONG.”

According to data from block explorer Shibariumscan, over 100,000 wallets have been created on the Shibarium network since going live. This figure signifies an increase of over 35,000 wallets created since Shibarium relaunched yesterday.

Shibarium’s lead developer, Shytoshi Kusama, announced on August 28 that the network was ready for “prime time” and that the network was going to be reopened to the public. As part of the announcement, he noted that Shibarium had accumulated over 65,000 wallets before the relaunch. 

Since then, new users have flocked to the network, with the total number of wallet addresses on the network standing at around 101,658 (at the time of writing). That represents more than a 50% increase in the number of users on the network since it relaunched. 

This figure may not surprise the SHIB community, considering that Kusama had earlier credited them for the “massive influx of transactions and users” that overwhelmed the network upon launch. 

Such a milestone suggests that the SHIB community remains bullish on the layer-2 network despite the difficulties it experienced upon launch. Shibarium is projected to become a major player in the decentralized finance (DeFi) space as demand for the network increases. 

The network’s success is also expected to significantly impact the Shiba Inu token, considering that it is one of the governance tokens on the network. As such, its value should rise as trading activity on Shibarium increases.

Shiba Inu price chart from Tradingview.com (Shibarium milestone)

More To Come, Says Shiba Inu Lead Dev

In his update on Shibarium’s restart, Kusama noted that there was more to come for the network as it continues to build. He further stated that the team would keep providing Shibarium updates on their official channels.

As part of these updates, Kusama announced on their official Telegram channel that the official WBone will be launched shortly, stating that the contract verification “should be up early this week.”

He also mentioned that there are plans to renounce BONE’s token contract. BONE is one of the governance tokens on the Shibarium network. With this development, the token’s developer will no longer be able to make future changes in a move that strengthens holders’ confidence.

Shibaswap, Shiba Inu’s decentralized exchange (DEX), will also be moved to Shibarium. The DEX is currently built on the Ethereum network. This marks part of the efforts to move all Shiba Inu-related products to the layer-2 network. 

Kusama noted that Shibarium was still “very early” and had a long way to go. However, he will continue to focus on “building decentralized systems and showcasing projects.”

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Shiba Inu Team Will Start Implementing ShibPaper, What does This Mean?

Following Shibarium’s botched launch, the network’s developers promised to provide regular updates as the network put measures in place to scale and handle any substantial amount of traffic. And in his latest update, lead developer Shytoshi Kusama has revealed plans to start implementing the “ShibPaper.”

What Is The ShibPaper?

According to the blog post released on August 22, Kusama announced that the implementation of the ShibPaper will begin on August 23 in hopes that Shibarium can accomplish a huge part of its vision of becoming a “decentralized digital nation state” this year. 

Shibarium had, before launch, been touted to become a major player in the DeFi space upon launch. However, users questioned its decentralized nature following the botched launch, with users’ funds reportedly getting stuck on the Shibarium bridge. 

This isn’t the first time the ShibPaper has been mentioned as Shiba Inu’s developer Kaal Dhairya highlighted the document in a tweet on August 18, labeling it as the “foundation” for Shibarium’s decentralized digital nation. 

The ShibPaper, written by Shytoshi Kusama and described by him as “the most comprehensive decentralization document the world has ever seen,” is simply a whitepaper outlining the ecosystem’s plans to create a “Shiba Inu State” which will act as a “beacon” guiding the world towards decentralization. 

According to the document, the Canine Code and Hound’s Constitution will guide the Shiba Inu State. These “foundational scripts” will be the law to the state’s citizens, called “Shibizens.” 

The state aims to imbibe values such as loyalty, unity, and service among members of the state. It also intends to promote a sense of collectiveness among Shibizens. 

Shibarium has also left the door open to a future native token. Currently, the ecosystem is governed by the SHIB, LEASH, TREAT, and BONE tokens. However, it suggested in the ShibPaper that there could be “potential successors” to these tokens. 

Shibarium will back the current and future governance tokens with tangible assets “transparently overseen via blockchain smart contracts” in a bid to maintain financial integrity.

Shiba Inu price chart from Tradingview.com (ShibPaper Shibarium)

Next Steps For Shiba Inu And Shibarium

Although the Ethereum layer-2 network has resumed block production, it remains closed to the public. However, Kusama announced that the network is almost ready to reopen to the public as he revealed that the blockchain is now “enhanced and optimized.” 

Furthermore, as part of its efforts to protect users’ funds if the network experiences a traffic surge again, the team has enabled “a new monitoring system and additional fail safes.” 

While the network has undoubtedly endured a difficult start, Kusama believes the “upcoming winners” are the protocols and projects looking to build on it.

He believes Shibarium’s utility will lie in these protocols, products, and services. Just like Ethereum, which is known to host several “amazing platforms,” Kusama mentioned that users will also have several options on Shibarium. He, however, advised them to DTOR (Do Their Own Research) going forward.

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Shiba Inu Community Leaves Shibarium Launch Troubles Behind As Wallet Count Crossed 10 Million

Shibarium, the scaling solution from the Shiba Inu team, has achieved new milestones after experiencing a significant wave of adoption and user engagement following its launch. 

SHIB Community Euphoria Sparks Shibarium Meteoric Rise

According to a report on August 21, the Shiba Inu ecosystem recorded an astonishing number of new wallets, with over 10 million wallets registered following the launch of the Shibarium network. The layer-2 network also recorded over 160 million compute units and a large deposit of ETH and BONE tokens, 1,000 and 600,000 respectively. 

Shibarium’s unexpected rise in user adoption has not been the only noteworthy change the layer 2 scaling solution has experienced. According to reports, Shibarium has experienced a staggering increase in BONE staking. Over 7,569,580 BONE Shibaswap tokens were staked on the Shibarium network. 

The Shiba Inu community’s response to the Shibarium launch has left the SHIB team members dumbfounded. The enormous engagement from the community reportedly led to a temporary suspension of Shibarium for 30 minutes as the network’s capacity was overwhelmed by the unusual level of user activities. 

Lucie, a marketer for the Shiba Inu ecosystem, was astonished by the overwhelming success Shibarium experienced. She revealed in a post on X that the Shiba Inu development team had miscalculated the amount of adoption and interest the Shibarium mainnet would garner. 

She also highlighted that the unexpected surge in adoption may have been fueled by the community’s desire to embrace the benefits of potential low-cost transactions and increased efficiency on the Shibarium mainnet. 

Shiba Inu (SHIB) price chart from Tradingview.com (Shibarium launch)

Shiba Inu Lead Developer Addresses Shibarium Network Issues

Following the temporary halt of the Shibarium network, Shiba Inu’s head developer, Shytoshi Kusama addressed investors’ concerns regarding the halt. He pointed out that the issues rose from an unexpected increase in users, while reports revealed that transactions on Shibarium were paused for over 10 hours as a result of a server failure and a faulty bridge. 

Kusama has, however, reassured the SHIB community, stating that the Shibarium mainnet was proceeding smoothly. He explained that the Shibarium network was undergoing various tests and reconfigurations to ensure that the network can withstand a high influx of users in the future. 

He further added that several features have been integrated into the network including a rate-limiting at RPC level and an auto server reset to prevent future outages. Following this, reports suggest that Shibarium’s testing processes have seen significant success and the network is poised to reopen soon.  

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Shibarium Launch Saga: Block Production Resumes Despite Stuck ETH

The Shibarium didn’t get off to a flying start following its launch on August 16. However, the network aims to move past these incidents as block production resumes.

Developers Restarts Network

Data from Shibariumscan.io shows that the layer-2 network is up and running again. Shibarium had on August 17 paused block production following the traffic surge, which overwhelmed the blockchain upon mainnet launch. 

Close to $1.7 million in bridged funds had reportedly gotten stuck on the Shibarium bridge, with lead developer Shytoshi Kusama confirming that the funds were irrecoverable. However, in a blog post titled “Shibarium: ALL IS WELL,” Kusama termed this FUD and stated that contrary to earlier reports, there was no bridge issue and all funds were “safu.”

He stated that Shibarium experienced a “massive influx of transactions and users that happened at the same time” upon the network going live. That led to the network going offline and not due to its functionalities as earlier thought.

To highlight the magnitude of the traffic surge that the network experienced, Kusama referenced data from the Web3 development platform Alchemy. Shibraium was allotted 400 Million compute units monthly, but the network experienced 160+ million compute units in just under 30 minutes. At that rate, the network could experience billions of compute units daily, putting it on par with the most active layer-2 blockchains. 

Shiba Inu (SHIB) price chart from Tradingview.com (Shibarium launch)

Plans To Scale After Shibarium Launch

Lead developer Kusama admitted that the team did not expect that level of trading activity on the network. However, he noted that they were “working tirelessly” to scale the chain and increase its computing power to handle and process more transactions. He further emphasized the team’s commitment to position Shibarium as one of the major players in the DeFi world.

Shiba Inu developer Kaal Dhairya provided further updates in a subsequent blog post dated August 18. Following an investigation, the team discovered that one particular block had been loaded with several transactions, which caused it to go into “fail safe mode” to protect the funds.

He mentioned that the team had “identified multiple possible plans of action” to scale the network and ensure it could handle any substantial traffic on the chain.

Dhairya also confirmed that the bridged funds were safe and that in a show of good faith, the team has chosen to obtain a $2 million insurance cover to protect against any potential challenges that could arise from retrieving the funds upon restart of the network. 

SHIB’s price has recovered considerably since the launch saga. However, the token is still down about 1.78% in the last 24 hours, according to data from CoinMarketCap.