{"id":47521,"date":"2025-09-15T09:31:47","date_gmt":"2025-09-15T09:31:47","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=47521"},"modified":"2025-09-15T09:31:47","modified_gmt":"2025-09-15T09:31:47","slug":"memecoins-under-pressure-as-shib-dogecoin-slide-after-shibarium-loses-2-4m-in-hack","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=47521","title":{"rendered":"Memecoins Under Pressure as SHIB, Dogecoin Slide After Shibarium Loses $2.4M in Hack"},"content":{"rendered":"
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Top meme tokens traded under pressure as a multimillion dollar hack of Shiba Inu’s layer-2 network, Shibarium, dented investor confidence in joke cryptocurrencies.<\/p>\n

On Sunday, Shibarium fell victim to a flash loan attack on its validator system, which drained about $2.4 million in ether (ETH) and SHIB. The CoinDesk Memecoin Index<\/a> has dropped 6.6% in the past 24 hours. The broader market CoinDesk 20 Index (CD20) is down just 2.3%.<\/p>\n

The attacker borrowed 4.6 million BONE, the governance token for the\u00a0Shiba Inu ecosystem<\/a>, often linked to the decentralized exchange (DEX) ShibaSwap, through a flash loan to gain control of the majority of validator keys. The keys act as gatekeepers of the network, confirming transactions and ensuring security.<\/p>\n

With that control, the attacker was able to game the system into approving unauthorized transactions and walk away with a large amount of crypto assets from the bridge that connects Shibarium with the Ethereum blockchain. The process is akin to someone temporarily taking over a bank\u2019s security system to approve unauthorized withdrawals. A flash loan is a loan raised with no upfront collateral\u00a0and returns the borrowed assets within the same blockchain transaction.<\/p>\n

The Shiba inu team was able to prevent a bigger, more serious breach because the BONE tokens used to gain control were reportedly tied to validator 1 and remained locked by the staking rules. <\/p>\n

Nevertheless, markets reacted negatively breach, which again underscores the perennial security issues with blockchain technology.<\/p>\n

Memecoins drop, broader market bid<\/h2>\n

SHIB fell by the most in three weeks on Sunday (UTC), losing 4% $0.00001369, and has continued to weaken to trade recently at $0.00001359. The cryptocurrency experienced considerable volatility throughout the 23-hour trading window ended Sept. 15 at 02:00 UTC, with the aggregate range encompassing $0.000006191, a 4% oscillation from peak to trough.<\/p>\n

The session commenced with pre-dawn fragility as SHIB retreated from $0.000014156 to establish a pivotal trough of $0.000013547 at 14:00 UTC. Volume of 1.064 trillion tokens surpassed the 24-hour mean, signaling robust distribution pressure and prospective capitulation, according to CoinDesk Research’s technical analysis model.<\/p>\n

The BONE token, which initially<\/a> doubled to over 36 cents, is now down over 2% on a 24-hour basis, trading at around 20 cents. <\/p>\n

According to the technical analysis model:<\/p>\n