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Binance CEO Changpeng Zhao, popularly known as "CZ,"took to Twitter on Thursday to share that after a mere four hours of sleep, he awoke to some troubling events affecting the cryptocurrency world.

What Happened: CZ said a "Silicon Valley Bank"is having issues, the New York Attorney General is suing KuCoin, the White House is considering a 30% tax on mining electricity, and the Huobi token had a flash crash, causing other crypto prices to dip a bit.

But, he said, Bitcoin BTC/USD [is] still producing blocks.

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Shiba Inu SHIB/USD ecosystem tokenBoneShibaSwap BONE/USD handle responded to CZ's comment, saying that Shibarium, the highly anticipated beta layer 2 scaling solution, will solve all the current problems.

The Shibarium beta network launches this week and BONE will be the official gas token used to facilitate transactions.

Don’t worry, #Shibarium will solve all these problems. .#shibarium beta layer 2 this week . . . and $Bone is gas . . . Bone ShibaSwap (@BoneShiba) March 10, 2023

Price Action: At the time of writing, BONE was trading at $1.53, down 11.40% in the last 24 hours, according to Benzinga Pro data.

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