SHIB and BONE prices fall hard following Shibarium mainnet release – here’s why

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Written on Aug 17, 2023

Reading time 2 minutes

The Shibarium network has stopped producing blocks again following some issues.
Meanwhile, that has seen whales dumping Shiba Inu ecosystem tokens.
SHIB and BONE have declined following these developments.

Shiba Inu’s ecosystem encounters negativity after its highly-awaited layer2 Shibarium platform stopped producing blocks again. The network has experienced some issues on its debut, and developers are working to recover stuck cryptocurrency tokens and solve the blockchain’s problems.

Whales continuously dump SHIB and BONE

Whales and traders responded to Shibarium’s block production issues by selling assets associated with the Shiba Inu ecosystem. On-chain metrics indicate surged whale activity for assets SHIB, LEASH, and BONE, triggering massive price declines after the Shibarium mainnet launch.

https://twitter.com/beipoa0x/status/1692091021281185802?s=20

A dip pocketed market participants sold all SHIB and BONE to purchase 1,07 trillion PEPE tokens worth approximately 1.28 million. The investor deposited all 143 Shiba Inu coins to Binance following Shibarium’s block production issues.

These developments triggered bearish price actions in the meme tokens. Shiba Inu lost more than 9% over the past day to press time values of $0.0000091. The Dogecoin competitor hit 24hr highs and lows of $0.0000099 and $0.0000090, respectively.

Meanwhile, LEASH and BONE lost around 20%. LEASH changed hands at $449 at this publication, whereas BONE traded at $1.32.

Shibarium block production issues

Shibarium block explorer revealed that the Ether-based layer2 platform Shibarium launched early today (17 August). The network stopped block production before resuming after some hours. Nevertheless, the issues have happened again, and the last transaction occurred at around 5.42 a.m UTC on 17 August.

Shiba Inu's Layer-2 Shibarium network stops producing blocks again after it encounters issues

— ₿21 (@btc1crypto) August 17, 2023

Shibarium mainnet problems after release have catalyzed skepticism within the cryptocurrency community, with many questioning the blockchain’s scalability, safety, and security.

While SHIB’s developers work to solve the issues, speculations indicate that recovering stuck Ether could be impossible, and Shiba Mainnet RPC is inoperable. Further, experts urge users to temporarily stop using Shibarium as ETH worth $1.7 million remain stuck in the bridge.