What to Know:
- SHIB price nears key support at $0.0000115 as whale inflows hint at selling pressure.
- Shibarium hack led to $2.4M loss; team plans compensation with K9 Finance.
- New SHIB phishing scam targets holders with fake “reward claim” airdrops.
Shiba Inu (SHIB) is under fire and has dropped about 1.14% in the last 24 hours, which is worse than the rest of the crypto market. The slide shows that things are getting worse: technical problems, big moves from whales, and signs that activity on its network is slowing down.
SHIB is now closing in on a critical support zone around $0.0000115. If that fails, the path downward could open further. The price recently broke below key Fibonacci levels, a warning that buyers are losing grip and momentum is turning bearish. At the time of writing, Shiba Inu price is at $0.00001199.
Whale Activity and Liquidity Shifts
The transfer of a lot of SHIB to exchanges is one of the more worrying signs. In the last few days, more than 504.5 billion SHIB have been put into exchange wallets. This could mean that big holders are getting ready to sell. When exchanges get a lot of money like this, it usually means that a lot of people are going to sell, especially if there isn’t enough demand to soak it up.
Meanwhile, data shows 142 billion SHIB left exchanges over a recent window, which, by itself, might seem bullish. But when combined with the inflows, it hints at uncertainty among whales: some are pulling coins away for safekeeping; others are sending coins to exchanges to sell.
Beyond price and transfers, SHIB’s network itself appears sluggish. Activity on Shibarium, the Layer-2 network, has dropped significantly. Daily transaction counts are slipping, reducing burn momentum and undermining use case narratives. This drop in utility is a worry. Meme coins like SHIB depend heavily on active user engagement swaps, burns, movement which feed into both sentiment and tokenomics.
Recent Incidents Stir Sentiment
Last month, hackers used a flash-loan attack on the BONE token contract to steal about $2.4 million from the ecosystem. In the Shibarium bridge exploit, the attacker was able to change the power of the validators and send fake checkpoints, which put the bridge’s integrity at risk.
In response, the SHIB team moved swiftly. Working with K9 Finance, they blocked and blacklisted the attacker’s wallets to prevent further withdrawals and froze the stolen funds. The team claims to have recovered $4.1 million in BONE tokens related to the exploit.
To mend trust, Shiba Inu also announced a compensation plan for users affected by the hack. The plan will aim to make users “whole” via phased repayments, with careful gating and auditability in place so that promises aren’t overextended. Alongside compensation, the team intends to revive the Shibarium bridge once security checks are verified and is implementing stricter controls like validator key rotation and proactive deny-list measures to block malicious actors in the future.
Broader Context & Risks
The meme coin market as a whole is having a hard time. As Bitcoin’s dominance grows, capital is moving out of altcoins and into safer or more stable assets. SHIB is also more likely to go down because there are so many of them and they need to keep burning and doing things to go up.
Attacks that try to steal your personal information or money are also a problem. Reports of hacked wallets have made retail holders less sure of themselves. In such a fragile market, even rumors of security problems can cause people to panic and sell. A warning from an X user yesterday let SHIB holders know about a new phishing scam that uses fake “reward claim” links sent with real SHIB token airdrops. Users should not interact with unsolicited tokens and should only check their activity through official Shiba Inu channels.
What’s Next for SHIB?
Traders are keeping a close eye on what happens on exchanges, since big flows of SHIB to exchanges can mean that people are about to sell. In addition to price charts, Shibarium’s daily transactions, token burns, and on-chain usage are still important for measuring sentiment.
Another layer: talk of a SHIB ETF has circulated among speculators. But with weak fundamentals and cracking activity, sentiment around such a move is cooling. The “Shib ETF” narrative might add hope, but it’s not enough on its own to ignite a rebound in this environment. In the next few days, we will find out if SHIB hits a bottom or keeps going down in a deeper correction.
Also Read: OKX Announces MON & MET Pre-Market Futures With 5x Leverage
