Shiba Inu (SHIB) Market Capitalization Flips Litecoin (LTC)

Shiba Inu (SHIB) has leapfrogged Litecoin (LTC) on the cryptocurrency rankings following the market shake-up on Thursday. While SHIB held firm at the $0.000008 support, Litecoin (LTC) hit a yearly low of $56, taking its market capitalization below $5 billion in the process.

Timeline of Litecoin, Shiba-inu

The team behind Shibarium — the layer-2 blockchain created for the Shiba Inu (SHIB) ecosystem — has already posted two communications on the ‘Shib.io Blog' in order to address yesterday's (August 17) events regarding the failed launch of Shibarium.

Shibarium, the Layer-2 blockchain of the Shiba Inu ecosystem, has recommenced its block production after a brief suspension that lasted almost a day. The mainnet for Shibarium, which is a fork of Polygon, went live on 16 August 2023: According to the Shibarium block explorer BlockScout, the Shibarium network has now resumed block production.

Shibarium, Shiba Inu's layer-2 network, is still waiting for a reboot. At the time of going to press, Shibarium was still not producing any blocks, as Shibariumscan.io's block explorer shows.

Crypto analytics platform Santiment is singling out four top altcoins that are experiencing increased interest from whales. Santiment's director of marketing Brian Quinlivan says that the four altcoins are “seeing some major whale activity that could indicate they could have some nice rebounds if and when crypto starts to stabilize again.

Shiba Inu (SHIB), the meme coin that took the crypto world by storm, recently faced a significant setback. A staggering 35% of SHIB's gains evaporated during what is now being referred to as the "Shibarium correction.

The Shib army was disappointed after the much-anticipated launch of the Shibarium protocol failed to meet expectations that matched the hype as transactions got stuck just after the mainnet launch. With the team failing to beat everyone's expectations, there has been growing Fear, Uncertainty and Doubt (FUD) in the ecosystem.

The Shiba Inu community recently faced a whirlwind of emotions with the launch of Shibarium, its Layer 2 (L2) scaling solution. This highly anticipated event was marred by a significant setback: over 1,000 ETH became temporarily trapped in the bridge contract.

Shibarium's much-anticipated launch had a rocky start when bridging issues left $2.5 million worth of assets trapped on-chain. Shiba Inu's anonymous lead developer, Shytoshi Kusama, initially dismissed the concerns, but blockchain data suggest a different reality.

Beleaguered crypto lender Voyager is selling troves of its Shiba Inu (SHIB) holdings as it liquidates millions worth of the crypto asset on the US-based digital asset exchange Coinbase. Data from the blockchain analytics platform Lookonchain shows that in the last several days, Voyager sold 49 different tokens on Coinbase amounting to about $63 million.

According to the project's lead developer, Shibarium, the layer-2 scaling solution for the Shiba Inu (SHIB) has experienced a significant influx of users and transactions following its recent launch. Shibarium, the newly launched layer-2 scaling solution for the Shiba Inu (SHIB) cryptocurrency, has faced technical difficulties due to an unexpected surge in user activity and