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Shibarium Halts Block Production Again: Whales Unload SHIB and BONE Amid Crypto Chaos

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  • Shibarium, Shiba Inu’s Layer-2 network, encounters block production issues, with a ripple effect causing SHIB, BONE, and LEASH tokens to plummet.
  • Major players, dubbed as “whales”, hasten their selling activity in response to these blockchain challenges.

Shibarium’s Stumbling Block

Shiba Inu’s Layer-2 platform, Shibarium, once again faces a blockade, ceasing its block production operations. While the Shiba Inu developer team grapples with the task of recovering cryptocurrency assets marooned on the bridge, Shibarium’s recurrent issues have raised eyebrows in the crypto community.

Relying on the Shibarium block explorer for real-time insights, it’s been noted that the Ethereum-anchored layer-2 Shibarium network went live earlier but ceased block production within hours. A glance at the timestamps indicates that the last activity on Shibarium was recorded at 5:42 AM UTC on August 17.

Such interruptions, mirroring the testnet’s teething problems post-launch, have understandably ignited debates concerning the blockchain’s robustness and viability. Notably, Beosin, a renowned blockchain security agency, advocates a temporary suspension of Shibarium activities, shedding light on the troubling fact that a whopping $1.7 million worth of ETH remains entrapped in the bridge. Disturbingly, circulating rumors suggest that this frozen ETH might be irretrievable, coupled with Shib Mainnet RPC’s evident malfunction.

A Whales’ Exodus: SHIB, BONE, LEASH on the Decline

Following the Shibarium predicament, a significant movement has been noticed in the trading waters. CoinGape Media, which predicted this outcome, notes that “whales” – major stakeholders in the crypto domain – have intensified their sale of Shiba Inu ecosystem tokens. This divestment spree is substantiated by on-chain data, signifying a surge in whale activity particularly around SHIB, BONE, and LEASH tokens, and has subsequently dragged down their market prices post the Shibarium mainnet unveiling.

Diving into specifics, Lookonchain broadcasted that a certain whale liquidated their entire BONE and SHIB reservoirs, redirecting their investments towards an eye-watering 1.07 trillion PEPE coins, valued in millions. This strategic shift transpired shortly after the Shibarium network stalled, with this whale transferring a staggering 143 billion SHIB tokens to the Binance platform.

Spot On Chain has also spotlighted another whale’s shrewd maneuvers: liquidating BONE assets just before Shibarium’s launch, pocketing a cool $866k in profits. At this juncture, this particular whale’s BONE portfolio stands emptied.

In the wake of these movements, SHIB’s price has endured a 9% hit in the past day, stagnating at $0.0000091, whereas BONE and LEASH have witnessed a sharper decline of 20%, with current valuations pegged at $1.32 and $449, respectively.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628