Why Shiba Inu Was a Dog of a Cryptocurrency Today
Shiba Inu (CRYPTO: SHIB), a meme coin whose developers are trying to groom it into a more useful cryptocurrency, wasn't having a good time of it on Thursday. The new platform that it's a part of launched only hours before, and things didn't exactly go smoothly. As of late afternoon today, Shiba Inu's value had fallen by almost 9% over the past 24 hours.
That platform is the Shibarium network, a Layer 2 blockchain built atop the Ethereum (CRYPTO: ETH) chain, that went live late Wednesday. Although there's not enough space here to go into the technical details of Shibarium, suffice it to say that it promises to transform Shiba Inu a more effective cryptocurrency, and make it easier, quicker, and cheaper to trade the token.
Upon launch, it was reported in numerous cryptocurrency channels that transactions on the Shibarium chain had been delayed by hours. And users were apparently having difficulty "bridging" (i.e., transacting across two or more blockchains) in the system.
Source Fool.com
