- A whale sold SHIB and BONE tokens and bought 1.07 trillion PEPE worth $1.28 million.
- The whale sold all 979,469 BONE for 787 ETH, equivalent to $1.44 million, at $1.47.
- BONE slumped by 24.7% in less than 24 hours since the launch of the Shibarium network.
Lookonchain, the smartmoney on-chain platform, reveals that a whale sold SHIB and BONE tokens and bought 1.07 trillion PEPE worth $1.28 million. In a recent post on X app (formerly Twitter), Lookonchain noted that the whale sold all 979,469 BONE for 787 ETH, equivalent to $1.44 million, at $1.47 in the past three days.
By tracking the transaction on Etherscan, the block explorer and analytics platform for the Ethereum blockchain, Lookonchain showed that the whale deposited all 143 billion SHIB worth $1.32 million to Binance after Shibarium stopped producing blocks.
BONE and SHIB are two related tokens existing in the Shiba Inu ecosystem. Both crypto tokens experienced price dips following rumors of technical issues on the newly launched Shibarium network, an Ethereum-based layer-two solution for the Shiba Inu ecosystem. The price dip dampened the hopes of many SHIB and BONE holders who anticipated rallying prices for both tokens following the launch of the Shibarium network on August 16.
The price dip across SHIB and BONE crypto tokens followed reports of potential hiccups during Shibarium’s launch. In an internal conversation between Shiba Inu developers on Telegram, lead developer Shytoshi Kusama reportedly revealed that the team could not recover assets bridged to the Shibarium network.
The sudden setback left several Shiba Inu supporters both disappointed and in panic, having waited so long with high hopes for the release of the Shibarium network. That triggered a selloff of both BONE and SHIB, the two tokens closely related to the Shibarium network.
TradingView data showed that BONE traded for $1.3227 at the time of writing, reflecting a 24.7% drop in less than 24 hours since the launch of the Shibarium network. SHIB’s price dropped by 9.6%, as the Shiba Inu native token exchanged for $0.00000917 at the time of writing.
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