Last Updated: August 20, 2023
• Shibarium’s mainnet is back online after suffering a technical glitch that caused $1.8M worth of Ether to become stuck on its cross-chain bridge.
• A mysterious Ethereum whale sold 979,469 $BONE for 787 Ether (ETH) totaling $1.44 million and transferred 143 billion SHIB to Binance.
• On-chain signals suggest a bullish divergence opportunity for both SHIB and BONE tokens, despite the whale’s activity.
Shibarium Back Online After High Traffic Halted Block Production
Shibarium’s mainnet is back online after experiencing a day of technical difficulties that halted block production and caused nearly $2 million of Ether (ETH) to become stuck on its cross-chain bridge. The launch of the Layer-2 platform had initially caused Shiba Inu (SHIB) to drop 15%. However, on-chain signals suggest a bullish divergence opportunity for both SHIB and Bone ShibaSwap (BONE).
The Mysterious Whale
A mysterious Ethereum whale sold off their holdings in BONE and SHIB tokens, totaling over $1 million in value. This whale sold 979,469 BONE coins for 787 ETH at an average price of 1.47 per coin; however, the current market value has dropped even further to 1.23 according to CoinGecko data. Afterwards, this whale then transferred 143 billion SHIB tokens to Binance after Shibarium’s bug was discovered. Surprisingly, the massive whale also acquired 1,068,448,646,503 PEPE coins at an estimated cost of $1.27 million dollars before transferring them to a separate wallet address.
On-Chain Signals Suggest Bullish Opportunity
Despite this whale’s activity within the cryptocurrency market, other whales do not share the same sentiment according to live on-chain signals from IntoTheBlock . Both Shibarium related tokens present an increase in concentration which suggests a bullish divergence opportunity may exist between now and when this article was published on August 18th 2023 at 1:20 PM GMT timezone..
Conclusion
Shibarium’s mishap at launch presented itself as a major setback for crypto investors who had been eagerly awaiting the Layer-2 platform’s release date; however it appears that everything has been worked out as blocks are now being produced again and transactions are going through without any issues or delays. Additionally while it remains uncertain what will happen with nearly $ 2million worth of ETH stuck yesterday on Shibarium’s cross chain bridge – overall future outlook appears positive due to increasing concentrations in both SHIB & BONE token prices suggesting potential upside opportunities exists if we look ahead into future days/weeks/months etc..
Takeaways
• Shibarium mainnet is back up & running producing blocks & transactions are going through without any issues or delays; • A mysterious Ethereum Whale sold off their holdings in BONE & SHIB totalling over 1 million dollars; • On chain signals suggest potential bull run opportunities exist ahead if we look into future days/weeks/months etc….
