Shiba Inu saw another lift in price over the weekend, climbing to levels not seen in more than a month. It’s a decent recovery, honestly, especially considering the noise around its layer-2 network, Shibarium. The token hit around $0.000014 on Saturday—up roughly 25% from its lowest point earlier this month.
Behind the Rise: Fewer Tokens on Exchanges
One thing that stands out is the drop in SHIB sitting on exchanges. Data shows there are now about 283 trillion tokens on trading platforms, down from 292 trillion in August. That’s not a huge shift, but it might suggest that fewer people are looking to sell right now. When supply on exchanges dips, it can sometimes ease selling pressure. Whether that’s what’s really driving things, I don’t know, but it’s one of those metrics people watch.
Shibarium’s Mixed Week: TVL Up, But Security Scare
Over in the Shibarium network, the total value locked (TVL) actually jumped—by nearly 40% in 24 hours. It reached $2.28 million, which is the highest it’s been since June. That increase came right after a new ShibaSwap upgrade rolled out. The update aimed to make the platform faster and easier to use, with a new trading module on the homepage. One developer tweeted that the new interface was “lightning quick,” though of course they would say that.
But it wasn’t all smooth. There was also a security incident. Someone managed to get hold of validator keys and used a flash loan to grab 4.6 million BONE tokens. They briefly gained majority validator power and tried to pull assets from the bridge. Sounds pretty serious.
However, the team was quick to clarify that the protocol itself wasn’t hacked. Only a small amount of ETH and SHIB was moved. The vast majority of assets—including those BONE tokens—were frozen and remained locked. In response, the BONE token itself spiked over 40% on Saturday, which almost feels counterintuitive, but I guess the market was relieved it wasn’t worse.
Where Shiba Inu Might Be Headed
Looking at the charts, SHIB has been climbing steadily over the past several days. It’s sitting above an ascending trendline that’s been in place since April, and it’s also above the 50-day moving average. Some technical indicators are pointing upward, which usually brings a bit of optimism.
If the current momentum holds, some traders are eyeing the next key resistance level near $0.00001770. That’s about 20% above where it was trading over the weekend. Whether it gets there probably depends on a mix of broader market mood and continued positive developments—or at least, no more serious scares—in the Shibarium ecosystem.
