• Shibarium’s mainnet is back online after a day of technical difficulties resulting in on-chain security companies issuing alerts to pause using Shibarium L2.
• A whale sold off a colossal 979,469 $BONE for 787 Ether (ETH), totaling $1.44 million and then acquired 1,068,448,646,503 $PEPE coins.
• Both Shibarium-related tokens present an increase in concentration according to IntoTheBlock.
Shibarium Back Online After High Traffic Halted Block Production
Shibarium’s mainnet is back online after a day of technical difficulties resulting in on-chain security companies issuing alerts to pause using Shibarium L2 until the issue was fixed. Fortunately, Shibarium’s blockchain has been restarted today and new blocks have already been minted with transactions going through.
High Launch Day Mishap Affects Associated Coins
Shiba Inu (SHIB) dropped 15% since the launch of the highly-anticipated Layer-2 due to Shibarium’s $1.8M mishap on launch day. On-chain signals for $SHIB & $BONE suggest a bullish divergence opportunity while the SHIB Army might feel relieved today that their coin is functioning normally again.
Whale Reacts To Hiccups With Mass Selling And Buying
Following the developments, LookOnChain spotted several interesting Ethereum whale moves. One whale decided to sell their Bone ShibaSwap (BONE) and Shiba Inu (SHIB) holdings for 787 Ether (ETH), totaling $1.44 million and then bought 1,068,448,646,503 $PEPE coins worth over $1 million dollars as well as transferring 143 billion SHIB to Binance after Shibarium’s bug was discovered.
On Chain Signals Suggest Bullish Opportunity For SHIB & BONE
The average BONE sell price was noted at around $1.47 while its current market value has dropped even further to just over$1 according to CoinGecko . Interestingly enough both SHIB and BONE signal an increase in concentration according to IntoTheBlock which could be indicative of a bullish opportunity ahead for investors who are willing to take the plunge with these coins despite yesterday’s hiccup with Shibarium’s mainnet being down temporarily..
Conclusion
Though it remains unclear whether or not investors can recover funds from yesterday’s incident involving nearly 2 million dollars worth of Ether stuck on Shibariam’s cross chain bridge – it appears that things are returning back normal with new blocks being produced from their blockchain and transactions going through smoothly once more – signaling some much needed relief for those invested within this space.