- As Shibarium’s launch approaches, a whale offloads SHIB and BONE holdings, acquiring 1.07 trillion PEPE Coins valued at $1.28 million.
- Post Shibarium introduction, issues in token bridging come to light, leading to market fluctuations and speculations.
An Unexpected Turn in the Shibarium Saga
The crypto community was abuzz with excitement, preparing for the unveiling of Shibarium, the Layer-2 solution associated with Shiba Inu. With soaring expectations, significant funds flowed into Shiba Inu [SHIB] and its descendant token, BONE. However, in a dramatic turn of events, a major player in the ecosystem opted for an unanticipated strategy.
According to Lookonchain, a respected blockchain analytics tool, this particular whale liquidated their entire holdings of SHIB and BONE tokens. The capital realized from this move, approximately $1.44 million, was then invested into an astonishing 1.07 trillion PEPE coins, pegging their value at roughly $1.28 million. Delving into the specifics, the investor traded a staggering 979,469 BONE tokens, obtaining 787 Ethereum (ETH) in the process. Subsequent to this, a vast quantity of 143 billion SHIB tokens found their way to the Binance platform, post the cessation of block generation on Shibarium.
Shibarium’s Hiccups and Their Consequences
After the Shibarium platform was ushered in, it wasn’t long before the crypto community identified challenges, particularly concerning token bridging. Disturbingly, users experienced hindrances while trying to transition their tokens onto the Shibarium platform. An unexpected development was the curbing of user messages on a Discord channel post the emergence of these bridging issues.
The whale’s significant pivot, which involved liquidating BONE for Ethereum and channeling SHIB to Binance, was possibly a reflex to Shibarium’s teething problems and the evolving market dynamics. This astute move arguably shielded the whale from anticipated depreciations. To illustrate, at the moment, Shiba Inu’s valuation has slumped by 8.22%, while BONE has taken a deeper plunge of 17.87%.
Navigating Uncertain Waters
The fluctuations have undoubtedly cast shadows of doubt on the future trajectory of Shiba Inu. An interesting observation is SHIB’s evolving correlation with other assets, showing signs of divergence. Despite retaining a semblance of a relationship with tokens like Dogecoin [DOGE] and Uniswap [UNI], the bond is not as robust as yesteryears. This shift paints a picture of SHIB carving its unique pathway in the volatile crypto landscape. Given the prevailing uncertainty, traders appear to tread cautiously, as indicated by Coinglass’s data, where short positions in SHIB have edged past long positions.