Top memecoins came under pressure following a $2.4 million hack of Shiba Inu’s layer-2 network, Shibarium, raising renewed concerns about security in joke cryptocurrencies.
The attack, which occurred on Sunday, targeted Shibarium’s validator system using a flash loan of 4.6 million BONE tokens—the ecosystem’s governance token—to gain temporary control of validator keys. This allowed the attacker to approve unauthorized transactions and drain assets from the bridge connecting Shibarium to Ethereum. Thanks to staking rules locking the BONE tokens involved, the breach was contained, preventing a more severe loss.
The market reacted quickly. SHIB fell 4% to $0.00001369 and later traded at $0.00001359, experiencing 4% volatility over the session, with trading volume surpassing 1.064 trillion tokens. BONE initially spiked to $0.36 before cooling to around $0.20, down over 2% in 24 hours. Technical analysis shows SHIB consolidating between $0.000013600 and $0.000013780, with potential upside toward $0.000014000.
Dogecoin (DOGE) also declined, dropping 4% to $0.2780 and then 5% to $0.2736. The move was worsened by a massive transfer of 119.3 million DOGE (worth over $34 million) to exchange OKX, likely indicating liquidation.
The incident underscores ongoing vulnerabilities in memecoins and the broader crypto market, highlighting the persistent risks for investors in high-volatility tokens.
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