Shiba Inu Coin’s price has crashed over the last two days as cryptocurrencies have plummeted, following the hack of Shibarium. SHIB also dropped after Shytoshi Kusama resurfaced and reiterated that he was now focusing on other initiatives.
Shiba Inu Coin Price Dives After Shibarium Hack
The ongoing Shiba Inu price crash is a result of the broader crypto market crash, which has seen many tokens plummet. Ethereum price dropped to $4,500, while Solana, Dogecoin, and Chainlink all plunged by over 3%.
SHIB price also plunged after a hack on Shibarium, the biggest DeFi protocol on the Shibarium network. In the hack, the attacker made a flash loan of 4.6 million BONE tokens worth about $2.3 million.
The attacker then made a validator takeover, taking 10 out of 12 validator signing keys that were enough to approve state checkpoints. As a result, the hacker managed to drain 224 ETH worth over $1 million nd 92.6 billion SHIB tokens worth over $1.27 million.
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However, the developers announced that they had managed to freeze the stolen BONE tokens as the funds were staked. They also locked down the network to conduct a thorough audit. Data by DeFi Llama shows that ShibaSwap has over $1.24 million in assets.
Shiba Inu price also plunged after Shytoshi Kusama, its popular developer, noted that his main focus was not on Shiba Inu for now. Instead, Kusama, who took over from Ryoshi, noted that he was focused on AI initiatives, which he did not mention.
He also noted that he remained supportive of Kaal, who has now become the face of the meme coin.
Shiba Inu Price Technical Analysis
The weekly chart shows that the SHIB price has moved downwards in the past few days. It moved below a high of $0.0000333 in December last year to the current $0.000013.
The coin has moved below the 50-week Exponential Moving Average (EMA), a sign that bears are in control. Further, the coin has formed a symmetrical triangle pattern whose two lines are about to converge.
This triangle is part of the bearish pennant pattern. This pattern is made up of a vertical line and a triangle, with a bearish breakout happening when the two lines are about to converge.
Therefore, the Shiba Inu coin price will likely have a strong bearish breakdown, potentially to the support at $0.000005955, its lowest level in 2023, which is about 55% below the current level.
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