Shiba Inu Network Outage No Impact on Token Price, $12M Secured for Blockchain Development

Despite a temporary network outage on the Shibarium blockchain on April 22, 2024, the trade price of the Shiba Inu token (SHIB) remained unaffected, demonstrating the strong support and market influence of the coin among investors. The Shiba Inu project team has also secured $12 million in funding for the development of a layer-3 blockchain network on Shibarium, aiming to provide enhanced security and transaction speed.

Shiba Inu Network Outage Fails to Impact Token Price, Project Secures $12 Million for Layer-3 Blockchain Development

Technical Issue Resolved, Shiba Inu Ecosystem Remains Resilient

In a recent development, the Shibarium network, an integral component of the Shiba Inu ecosystem, experienced a temporary outage on April 22, 2024. The issue arose due to networking problems among validators, leading to the blockchain being offline. Despite the temporary disruption, the price of Shiba Inu's native token, SHIB, remained remarkably stable, demonstrating the resilience and support within the crypto community.

Price Surge Amidst Outage Highlights Investor Confidence

Over the past seven days, SHIB has witnessed a notable surge in value, rising by an impressive 24%. This upward trend persisted even during the Shibarium outage, highlighting the unwavering confidence investors have in the Shiba Inu project. The lack of a price decline during the outage further underscores the strong foundation and support the cryptocurrency enjoys.

Layer-3 Blockchain Development Receives $12 Million Funding

Concurrently, the Shiba Inu project team has secured $12 million in funding to develop a groundbreaking Layer-3 blockchain network within the Shibarium ecosystem. This new blockchain aims to provide enhanced security and transaction speed for supported crypto assets. The project team plans to introduce a new token, dubbed "TREAT," as part of this initiative.

It remains to be seen how the project team will incentivize SHIB token holders to adopt the new token. The Shiba Inu ecosystem currently features several tokens, including LEASE, BONE, SHIB, and plans to launch an additional token, SHI, later this year.

Conclusion

The Shibarium network outage served as a testament to the resilience and support surrounding the Shiba Inu ecosystem. Despite the temporary disruption, the SHIB token's value held steady, reflecting investor confidence. Additionally, the $12 million funding secured for Layer-3 blockchain development signals the project's ongoing commitment to innovation and growth. As the Shiba Inu ecosystem continues to evolve and expand, it remains a promising investment opportunity within the cryptocurrency landscape.