Plan Failed, $1.7 Million Ethereum Stuck On Shibarium Bridge!

<p>&nbsp;"Remind me that the price of memecoin is going up, it looks like another move it made."</p><p><br /></p><p>It was revealed that $1.7 million worth of Ethereum (ETH) cryptocurrency was stuck on the Shibarium bridge when the much-awaited Layer-2 Shiba Inu (SHIB) scaling protocol called Shibarium was launched.</p><p><br /></p><p>Following the news, there is speculation that SHIB's recent price drop is a follow-up to the liquidity.</p><p><br /></p><p>The Shibarium chain will likely serve as a medium for the use of dog-themed tokens such as SHIB, Dogecoin (DOGE), Bone ShibaSwap (BONE), TREAT and Doge Killer or better known as LEASH.</p><p><br /></p><p><br /></p><p>There is no denying that most investors expected the price of memecoin to rise after the launch, but the situation acted differently as SHIB and TREAT fell by more than 10% while BONE including LEASH decreased by 17% and 25% respectively in the last 24 hours.</p><p><br /></p><p>Although the price reaction disappointed many new wallets that joined the network ahead of Shibarium's launch, SHIB investors truly believe the price will recover once network users begin to adjust to the change.</p><p><br /></p><p>However, it should be noted that the message has not yet been confirmed from Shytoshi, so concerns have been raised among the crypto community that the price of SHIB is unlikely to go higher than its current level.</p><p><br /></p><p>After plunging as high as $0.000007, SHIB is now recovering at $0.000008 but is still down 12.31% in the last 24 hours with a market cap of $4 billion and fell 18.07% over the last week.</p>