Shibarium Stops Block Production Again, SHIB And BONE To Fall

Shiba Inu’s Layer-2 Shibarium network has stopped producing blocks again after it encounters issues and the Shiba Inu developers are looking for ways to recover crypto assets stuck on the bridge and other problems with blockchain. After the Shibarium encountered issues, whales and traders are continuously dumping SHIB, BONE and LEASH tokens.

Shibarium Stops Block Production Again

According to Shibarium block explorer, the Ethereum-based layer-2 network Shibarium went online earlier today and then stopped producing blocks. Block production resumed a few hours ago. However, it stopped producing blocks again after a short run. The last transaction on Shibarium happened hours ago, at 5:42  AM UTC on August 17.

The Shibarium mainnet encountering issues just like the Shibarium testnet after launch led the crypto community to question the security, safety, and scalability of the blockchain.

Blockchain security firm Beosin recommends users to stop using Shibarium temporarily as $1.7 million in ETH are stuck in the bridge. While the Shiba Inu team is busy resolving issues, messages are circulating that ETH stuck may not be recoverable and Shib Mainnet RPC is nonfunctional.

Also Read: Ethereum (ETH) Price Now Heading to $1,600 As It Loses Crucial Support

Whales Selling SHIB, BONE, LEASH Tokens

CoinGape Media earlier mentioned that whales and traders will sell Shiba Inu ecosystem tokens. On-chain data confirms rise in whale activity for SHIB, BONE, and LEASH tokens, causing prices to fall massively after Shibarium mainnet release.

Lookonchain reported that a whale sold all BONE and SHIB holdings and purchased 1.07 trillion PEPE coins worth millions. The whale deposited all 143 billion SHIB tokens to Binance after Shibarium stopped producing blocks.

Spot On Chain revealed that a whale closed his BONE deal before the Shibarium launch and made profit of $866k. Currently, the whale hold no BONE tokens.

SHIB price fell 9% in the past 24 hours, with the price currently trading at $0.0000091. The 24-hour low and high are $0.0000090 and $0.0000099, respectively.

Meanwhile, BONE and LEASH tokens crashed 20%. BONE price currently trades at $1.32, while LEASH price is trading at $449.

Also Read: BinanceUS’ Protective Order Against US SEC Referred To Magistrate Judge, What’s Next?

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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