Shibarium debuted on the mainnet on August 16 after millions of users and 21 million wallets were tested.

Shibarium improves Ethereum's scalability by increasing transaction throughput and lowering costs. Thus, its Wednesday launch was meant to elevate Shiba Inu beyond its meme coin roots.

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Shiba Inu became popular during the 2020-2021 bull market. SHIB temporarily surpassed Dogecoin, however its value plunged 90% during the down market.

However, the Shiba Inu community persevered and created a decentralized SHIB ecosystem. This ecosystem contains BONE, a native cryptocurrency, and ShibaSwap, a decentralized exchange. SHIB's price rose before the Shibarium mainnet debut, demonstrating community excitement.

New projects noticed the network, suggesting it might impact the sector. Over 100 firms were developing Shibarium, indicating growing interest in the platform.

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The rollout caused large price drops for SHIB and BONE coins. The slump occurred after reports suggested issues retrieving assets linked to the Shibarium network, raising worries about a launch hitch.

Users trying to move assets from Ethereum to the new network found complications that halted the transfer. According to Chinese blockchain writer Colin Wu, 965 ETH worth $1.7 million were caught on the bridge. Etherscan showed that the Shibarium bridge contract had 965.3 ETH, or $1.735 million, in tokens planned to move from Ethereum to Shibarium.

The nonfunctional Shibarium Remote Control Protocol was also affected. This setback hindered distant network processes, limiting user contact and data retrieval.

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According to Shibarium Explorer statistics, block manufacturing stopped for 7 hours due to issues. Block manufacturing momentarily resumed, then halted again before restarting a few hours later.

SHIB dropped 10% in the previous 24 hours to $0.0000085 during the reporting period. BONE fell almost 15% to $1.22 at press time.