Shibarium, an Ethereum layer 2 solution, can be termed one of the most-hyped crypto projects of 2023, expected to introduce a higher network speed and lower transaction costs to the Shiba Inu ecosystem.

After months of beta testing, Shiba Inu developers finally announced on August 16 that the Shibariun mainnet is now live. However, contrary to popular predictions, SHIB, Shiba Inu’s most prominent token, appears to have taken a nosedive upon this development. 

SHIB Maintains Bearish Form As Shibarium’s Ethereum Bridge Develops Fault

So far, Shibarium’s launch has yielded a negative effect on SHIB, with the token losing 6.86% of its value in the last 24 hours based on data from CoinMarketCap. Prior to SHIB’s dip today, the token had shown an overall negative performance this week, …