Shiba Inu Price Stalls as Shibarium Unveils $4M Refunds: Cosmic Farce

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Shiba Inu’s layer-2 network, Shibarium, has entered a heroic recovery arc after a $4 million misadventure that forced an emergency shutdown last month. The cosmos, it seems, enjoys a good reboot. 🚀😂

While a deliriously caffeinated development crew and a few confused investors watch the switches and gears, SHIB’s price continues to do the cosmic samba, down 23% in the past year. 🤷‍♂️

Shibarium Prepares Refunds After $4 Million Exploit

On Thursday the Shibarium boffins confirmed they’re preparing to reboot the Ethereum bridge and offer refunds to those who were politely robbed by the security shenanigans.

A post-mortem reads like a formal apology letter written by a bored accountant: validator keys rotated, and more than 100 ecosystem contracts relocated to wallets that are supposedly more secure than a vault in a moon cave. Additionally, 4.6 million BONE tokens, worth over $2 million, have been recovered from the attacker’s contract.

The exploit, which occurred on September 12, stemmed from a malicious submission of fake data to Shibarium’s Ethereum-linked contracts, prompting the system to shut down automatically. The universe shrugged and asked for more popcorn.

In a parallel plot twist, the attacker staked millions of dollars’ worth of BONE tokens to try to seize network control. The breach resulted in the theft of approximately $4.1 million in various assets, including ETH and SHIB.

Although Shibarium’s lead developer, Kaal Dhairya, had offered the hacker a 50 ETH bounty for returning the funds, negotiations failed, and the stolen tokens have since been moved. The space-time bankers are now reviewing their resumes for more adventurous lines of work.

SHIB Technical Outlook: Triangle Pattern Nears Resolution

The daily SHIB chart shows the token weaving itself inside a symmetrical triangle-a shape that often whispers, “prepare for a decisive move, preferably while you’re not looking.”

The price is hovering around $0.0000127, with the upper resistance near $0.0000135 and lower support around $0.0000113. The tightening range suggests volatility is being compressed like a squeaky rubber duck, and a breakout could occur in the coming weeks.

SHIB price action inside a narrowing triangle | Source: TradingView

Bollinger Bands have narrowed significantly, further supporting this view. A break above the upper band at $0.0000135 could signal the start of a bullish run toward $0.0000160, followed by $0.0000185 if momentum strengthens. 🐕 🚀

Conversely, a drop below $0.0000113 may open the door to a bearish retest of $0.0000100, or even $0.0000085 if selling pressure accelerates. 🕳️

Indicators Signal Neutral Momentum

The Relative Strength Index (RSI) stands around 53, showing neutral market conditions without clear overbought or oversold pressure. Meanwhile, the MACD line has just crossed slightly above the signal line, hinting at a mild bullish bias. 😌

The Chaikin Money Flow (CMF) reads close to zero, indicating limited capital inflows, while the Balance of Power (BoP) remains slightly positive but weak, suggesting that buyers are not yet dominating the dance floor. 🕺

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2025-10-04 19:40