• Shibarium’s mainnet is back online after a day of technical difficulties, resulting in a 15% drop for Shiba Inu (SHIB).
• An Ethereum whale sold off 979,469 BONE tokens for 787 ETH ($1.44M), and transferred 143B SHIB to Binance.
• On-chain signals suggest a bullish divergence opportunity for both SHIB and BONE.
Shibarium Mainnet Back Online
Shibarium’s mainnet is back online after a day of technical difficulties halted block production, resulting in on-chain security companies issuing alerts to pause using Shibarium L2 until the issue was fixed. Fortunately, the blockchain has been restarted today and new blocks have already been minted, allowing transactions to go through once again.
$1.8M Mishap Affects Associated Coins
The $1.8M mishap on launch day had a detrimental effect on associated coins, with Shiba Inu (SHIB) dropping 15% since then. Despite this, there are still signs of optimism as on-chain signals suggest a bullish divergence opportunity for both SHIB and Bone ShibaSwap (BONE).
Cryptic Ethereum Whale Trades $BONE & $SHIB
Following the developments surrounding Shibarium’s mainnet launch, an Ethereum whale made some interesting moves; selling off 979,469 BONE tokens for 787 ETH ($1.44M) at an average price of $1.47 before transferring 143B SHIB to Binance. Surprisingly, the whale also acquired 1,068,448,646,503 PEPE coins ($1.27 million).
Live On-Chain Signals
Despite this whale trading away their SHIB and BONE holdings for PEPE coins – other whales do not seem to share the sentiment according to live on-chain signals from IntoTheBlock which detect increased concentration levels among both tokens – suggesting they may be gearing up for further growth in value over time.
Relief For The SHIB Army
The SHIB Army can now breathe a sigh of relief as Shibarium’s mainnet is back online and functioning properly; although its uncertain what will happen with the nearly $2 million worth of Ether which got stuck yesterday on Shibarium’s cross-chain bridge remains unclear at this point in time.