• 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.
• On-chain signals for $SHIB & $BONE suggest a bullish divergence opportunity.
• A whale sold off a colossal 979,469 $BONE for 787 Ether (ETH), totaling $1.44 million and then transferred 143 billion SHIB to Binance after Shibarium’s bug was discovered.
Shibarium Back Online After High Traffic Halted Block Production
Shibarium’s mainnet is back online after a day of technical difficulties that resulted in on-chain security companies issuing alerts to pause using the Layer-2 protocol until the issue was fixed. The blockchain has now resumed production of blocks and transactions are going through as normal.
Bullish Divergence Opportunity for SHIB and BONE
On-chain signals for both Shiba Inu (SHIB) and Bone ShibaSwap (BONE) suggest a bullish divergence opportunity is possible. This means investors may have an opportunity to capitalize on prices that have dropped since the launch of the highly-anticipated Layer-2 protocol, which caused Shiba Inu (SHIB) to drop by 15%.
Whale Movements Following Developments
Following these developments, one Ethereum whale sold off their entire holdings of 979,469 $BONE for 787 Ether (ETH), totaling $1.44 million at an average price of $1.47 according to CoinGecko data. Additionally, this whale also transferred 143 billion SHIB to Binance and acquired 1,068,448,646,503 $PEPE coins worth about $1.27 million in total.
The SHIB Army Responds
The SHIB army responded positively with news that Shibarium’s blockchain was restarted again today but many remain concerned about the nearly $2 million worth of ETH stuck yesterday on its cross-chain bridge. Meanwhile other whales seem less enthusiastic with neither token being able to benefit from increased concentration according to IntoTheBlock data reports.
Conclusion
Overall Shibarium’s mishap on launch day negatively affected associated coins but it appears that things are starting to look up with news that new blocks are being produced again and transactions going through as normal once more