Shibarium’s Rocky Start: Stuck Funds and a Whale’s Strategic Play
The Shiba Inu development team has introduced the Shibarium L2 blockchain, designed for the SHIB, BONE, LEASH, and TREAT crypto family. The network uses a proof-of-participation (PoP) consensus method, where validators commit coins as collateral to authenticate transactions and produce new blocks. Shibarium currently bridges the gap between the ETH blockchain and its platform, and allows token delegation for Bone rewards. The beta phase saw the creation of 21 million wallets.
Key Points:
- Shibarium is facing issues with ETH and BONE deposits, with funds stuck on the bridge.
- The network experienced block processing problems, with no confirmations for over five hours.
- A cryptocurrency whale liquidated its BONE and SHIB holdings to acquire PEPE.
- The whale exchanged 979,469 BONE for 787 ETH, and funneled 143 billion SHIB into Binance.
Hot Take:
Shibarium’s launch of the L2 blockchain has hit a roadblock with stuck funds and a whale’s strategic move. While the development team works to fix the issues, users are anxious about their deposits. The actions of the cryptocurrency whale, liquidating BONE and SHIB for PEPE, raise questions about market dynamics and investor strategies. It remains to be seen how Shibarium will overcome these challenges and regain user confidence.
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