- Shibarium’s $1.8M mishap on launch day negatively affected associated coins.
- Shiba Inu (SHIB) dropped 15% since the launch of the highly-anticipated Layer-2.
- On-chain signals for $SHIB & $BONE suggest a bullish divergence opportunity.
The SHIB Army might feel relieved today, as 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. While the nearly $2 million of Ether (ETH) stuck yesterday on Shibarium’s cross-chain bridge is still in question, DailyCoin detected that new blocks have already been minted, and the transactions are going through.
Top Whales React to Shibarium’s Hiccups
Following the developments, the blockchain activity tracker LookOnChain spotted several interesting Ethereum whale moves. One cryptic Ethereum whale decided to sell their Bone ShibaSwap (BONE) and Shiba Inu (SHIB) holdings.
This whale sold off a colossal 979,469 $BONE for 787 Ether (ETH), totaling $1.44 million. The average $BONE sell price was $1.47, while the current market value has dropped even further to $1.23, according to CoinGecko.
The whale then transferred 143 billion SHIB to Binance after Shibarium’s bug was discovered. Surprisingly, the massive whale also acquired 1,068,448,646,503 $PEPE coins, totaling $1.27 million.
Even though this whale traded $SHIB and $BONE for $PEPE, other whales do not share the sentiment, according to the live on-chain signals. Both Shibarium-related tokens present an increase in concentration, according to IntoTheBlock. On top of that, both coins have grown in net network growth, marking a high demand for Shibarium’s mainnet among crypto investors.
On the Flipside
- Crypto enthusiasts on Twitter report that Shibarium’s RPC website is still down, while some users cannot retrieve their bridged balance over the RPC.
- The Telegram screenshot that leaked yesterday consisting of a worrying Shytoshi Kusama’s chat with developers was declared fake as a coordinated attack to FUD SHIB.
Why This Matters
Shibarium Layer-2 presents a new scaling solution for one of the world’s most popular cryptos.
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