Shiba Inu: NFT Marketplace Sees Huge Spike in Traffic, Pauses New Mints

Unraveling SHIB's Fate: The Impact of Whale Transactions

Shiba Inu ecosystem welcomes the unveiling of PawZaar, a brand-new NFT marketplace that swiftly attracted an overwhelming surge of users following its launch on October 24. This marketplace stands as the first NFT trading platform on the Shibarium network.

In celebration of its debut, the official X (formerly known as Twitter) account made an announcement.

Simultaneously with the launch of PawZaar, the SHB Dream NFT collection native to Shibarium made its entrance. The team announced, “The SHIB Dream collection is live, SHIB army! Total Supply: 3,333, Mint Price: 19,500,000 SHIB. Virtual real estate, profit-sharing, giveaways, rewards, charity donations, and much more. Don’t miss out on one of the greatest collections on Shibarium!”

Surging Interest in Shibarium’s NFT Marketplace

The NFT marketplace’s initial euphoria was short-lived, as PawZaar faced infrastructure challenges due to overwhelming demand, similar to those encountered during Shibarium’s launch.

The PawZaar team promptly addressed the issue, stating, “With a new platform will come unexpected issues. The mint is paused. We apologise and ensure no mint has been executed. We apologise for the inconvenience and are getting to the bottom of it as quickly as possible. Stay strong, Shib Army. This is only the dusk until the dawn.”

Shib Dream, representing, provided more insight into the problem, confirming that PawZaar was pausing the minting of SHIB Dream NFTs due to a “massive surge of traffic.” They explained that PawZaar, which relies on NowNodes as a node provider, was affected by this issue.

However, they reassured the community, mentioning PawZaar’s upcoming involvement in the secondary market and the potential expansion of minting options, saying, “After the mint, PawZaar’s taking the reins for the secondary market… However, to give you more options and support the whole ecosystem, we might open up minting in SHIB, Bone, and Leash – bridged on Shibarium.”

Digging deeper into the technical glitch, the PawZaar team disclosed, “We found a serious limitation with our node provider when it comes to the ‘Drop’ functionality… So this is why no one was able to mint today. It was because too many people were trying to mint at the same time.”

Jalaleddin Hatefi (“JD”), the visionary behind PawZone, emphasised his commitment to resolving the issues, saying, “Setbacks happen #ShibArmy, but make no mistake, PawZaar is one of the best dApps on Shibarium. Once NowNodes resolves the issue, we will bring back our Drops feature.”

Shiba Inu Sees a 10% Price Surge

As of the latest update, Shiba Inu’s price has surged 10% in the past 24 hours. In line with earlier predictions, a fourth bottom has formed on the weekly chart, suggesting the potential for a rally toward the descending trendline of the triangle, mirroring the pattern observed between June and August following the third bottom.

SHIB rises towards the trendline, 1-week chart | Source: SHIBUSD on
SHIB rises towards the trendline, 1-week chart | Source: SHIBUSD on

Read Also: Shiba Inu Collaborates with Bad Idea AI to Launch AI Solution for Shibarium 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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