Shiba Inu Rebounds as Shibarium Gains Momentum Despite Hacking Woes
On Saturday, September 13, shiba Inu (SHIB) experienced a significant price surge, hitting $0.000014, its highest mark in over a month. This growth reflects a 25% increase from its lowest point this month.
the rise coincided with notable developments on the Shibarium network. Data from DeFi Llama revealed a remarkable 40% jump in the total value locked (TVL) within the network, reaching $2.28 million.This climb marks the highest TVL since june.
The boost in TVL followed the release of a ShibaSwap upgrade. This update simplified the user interface, making trading faster and more intuitive. Additionally,it introduced a unified trading module and streamlined the process of creating liquidity. The network also expanded to support multiple chains, including Ethereum, Polygon, and Arbitrum.
- shibarium saw its TVL grow significantly due to a ShibaSwap upgrade.
- The exchange presence of SHIB tokens is declining, suggesting reduced selling pressure.
- A recent hacking attempt on ShibaSwap lead to minimal losses.
The Shibarium network weathered a hacking incident involving ShibaSwap. A hacker exploited validator keys and used a flash loan to obtain 4.6 million BONE tokens. However, the damage was limited to a small amount of ETH/SHIB assets. The BONE tokens remain frozen.
Meanwhile, the number of SHIB tokens held on exchanges is dwindling, indicating investor confidence. Analysts predict further gains for SHIB, targeting $0.00001770, reflecting a potential 20% increase.
The technical analysis supports this bullish outlook. SHIB has stayed above the ascending trendline seen since April, surpassing the 50-day moving average. These factors suggest that the upward momentum is likely to persist.
