• Shibarium’s $1.8M mishap on launch day caused a 15% drop in Shiba Inu (SHIB) prices.
• Shibarium’s mainnet is back online after technical difficulties halted block production.
• Whales reacted to the incident by selling off their Bone ShibaSwap (BONE) and SHIB holdings and buying $PEPE coins.
Shibarium Back Online After High Traffic Halted Block Production
Technical Difficulties Caused a Drop in SHIB Prices
Shibarium’s $1.8M mishap on launch day negatively affected associated coins, with Shiba Inu (SHIB) dropping 15% since the launch of the highly-anticipated Layer-2. On-chain signals for both $SHIB & $BONE suggest a bullish divergence opportunity.
Mainnet is Back Online
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, with new blocks already being minted and transactions going through; however, nearly $2 million of Ether (ETH) remains stuck from yesterday on Shibarium’s cross-chain bridge.
Whales React to Hiccups
Following the developments, the blockchain activity tracker LookOnChain spotted several interesting Ethereum whale moves. One anonymous whale sold off 979,469 of their BONE for 787 ETH ($1.44M), then transferred 143 billion SHIB to Binance after problems arose with Shibarium; furthermore this whale acquired 1,068,448,646,503 PEPE coins ($1.27 million). These actions suggest that the whales do not share similar sentiments about SHIB and BONE as other whales according to live on-chain signals which show an increase in concentration for both tokens according to IntoTheBlock .
Bullish Divergence Opportunity Presents Itself
Despite large selloffs from some whales there still exists a potential bullish divergence opportunity for investors interested in SHIB and BONE tokens given their increasing concentration and existing support levels according to IntoTheBlock . With new blocks being minted and transactions going through again investors will likely feel more confident investing as issues have been resolved providing further support levels for these two cryptocurrencies.