Shiba inu (SHIB) tokens dropped by about 9% in the last 24 hours as users faced bridging problems after the launch of the highly anticipated Shibarium network late on Wednesday.
Blockchain data reveals that transactions on the network were stuck for at least five hours as of time of writing. Users had sent 954 ether (ETH), worth $1.7 million, and $750,000 worth of bone (BONE), a Shibarium governance token, to the contract.
Users were unable to post messages on a Discord community forum shortly after the issues were first reported.
Bridges are tools that use blockchain technology to move tokens between different networks. They are one of the most crucial – but also very risky – parts of the crypto market.
The launch of Shibarium was supposed to be the start of a lively and low-cost ecosystem. The network is part of a bigger plan to make Shiba Inu a serious blockchain project, instead of a meme coin that it has been since its creation in August 2020.