Shiba Inu’s Layer-2 Network Went Offline for Several Hours, SHIB Price Reacts

Shibarium, the layer-2 blockchain developed for the Shiba Inu memecoin ecosystem, suffered a temporary outage over the weekend. Shiba Inu developer Kaal Dhairya explained via X that the issue has been fixed. Still, the network outage triggered a mild price downturn for Shiba Inu’s native token, SHIB.

There was a temporary shibarium outage caused because of networking issues amongst the validators. Network is back up and running now, some services like shibariumscan or external RPCs can still remain down until the steps provided are implemented. If you’re an external team…

— Kaal (@kaaldhairya) April 22, 2024

Launched in August 2023, Shibarium emerged as an Ethereum scaling solution. It tackled the challenges that have limited Ethereum’s potential, such as high fees and sluggish transactions. Shibarium seeks to improve the usability of the Shiba Inu token and other projects within its ecosystem. At the same time, it harnesses the decentralized features common to the Ethereum network.

What Caused the Issue?

According to the tweet from Dhairya, the outage was triggered by a networking issue among validators, entities responsible for verifying transactions on the blockchain.

Though the network issue is now resolved and is working efficiently, certain aspects of the network are yet to be rectified. For example, Shibarium’s official blockchain explorer Shibariumscan and remote procedure calls (RPCs) are still down. Dhairya called on all external teams working on the blockchain’s infrastructure to contact him for needed communication via Telegram or Slack. Following the issue, SHIB saw a mild decrease of only 2%.

Notably, this is not the first time Shibarium will face a network outage. Shortly after its mainnet launch, it experienced a technical issue due to an influx of users’ transactions. A week later, the faults were fixed and the network flowed well.

A similar surge in user transactions likely contributed to Shibarium’s latest outage. Onchain data shows that the L2 network saw a sharp increase in newly created accounts on April 13th.

SHIB Ecosystem Keeps Growing

Meanwhile, the blockchain and the Shiba Inu ecosystem continue showing resilience despite the issues.

Earlier today, the Shiba Inu team revealed that it had raised $12 million from sales of its yet-to-be-launched token, TREAT. The fund will be injected into developing a layer-3 blockchain for the dog-themed memecoin ecosystem.