Shiba Inu price continued its recovery on Saturday, Sep. 13, as the total value locked in Shibarium network rose and as SHIB balances on exchanges retreated.
Shiba Inu (SHIB) rose to $0.000014, its highest point in over a month and 25% above its lowest level this month.
Summary
- Shiba Inu price continued rising on Saturday.
- Shibarium, its layer-2 network, confirmed it was hacked.
- The amount of SHIB tokens on exchanges dropped.
Shibarium TVL jumps amid ShibaSwap hacking concerns
SHIB price rose as DeFi Llama data showed that the total value locked in the network jumped after an important update. The TVL jumped by almost 40% in the last 24 hours to $2.28 million. It rose to the highest point since June this year.
The jump occurred after the developers released a new ShibaSwap upgrade designed to enhance its performance in the DeFi industry. It introduced a unified trading module placed on the homepage.
Shibarium also standardized the process of forming liquidity on the network. Most importantly, it made it a multi-chain network, extending it to other chains like Ethereum, Polygon, and Arbitrum.
Shibarium’s TVL also jumped after an attempted hack on ShibaSwap, the most prominent dApp on the network. In the attack, a hacker used a flash loan to purchase 4.6 million BONE token after accessing validator keys. He then achieved majority validator power and signed a malicious state to drain assets from the bridge.
In an update, Shibizen noted that only a small amount of ETH/SHIB was moved, and the 4.6 million BONE remained locked and frozen. This explains why the BONE token jumped by over 40% on Saturday.
Meanwhile, the amount of Shiba Inu coins on exchanges continued falling. This indicates that investors are not selling.
There are currently over 283 trillion tokens, down from 292 trillion in August.
Shiba Inu price technical analysis
The daily timeframe shows that the SHIB price has recovered in the past few days, moving from a low of $0.00001170 last week to $0.000015.
SHIB remains above the ascending trendline that connects the lowest levels since April this year. It has jumped above the 50-day moving average, while the two lines of the Percentage Price Oscillator have moved above the zero line.
Therefore, the coin will likely continue rising as bulls target the key resistance at $0.00001770, which is a 20% increase from the current level.
