Shibarium Hack Causes Meme Coin Market to Plummet 8%
Meme Coins Face Losses After Shibarium Hack
- A hack on Shiba Inu's Shibarium network resulted in a $2.4 million loss.
- The attack involved a flash loan, where 4.6 million BONE tokens were used to gain control and extract funds from the Ethereum bridge.
- The incident led to significant price drops for major meme coins including Shiba Inu and Dogecoin (DOGE).
Market Impact
- Shiba Inu fell over 5% within 24 hours, with more than 1 trillion SHIB traded.
- Dogecoin declined nearly 8.75%, exacerbated by a large transfer of 119 million DOGE to an exchange.
- The total value of meme coins dropped to around $76.2 billion, down over 8% in a single day.
Market Sentiment
- Meme coins are vulnerable due to reliance on hype and online communities, making them sensitive to negative events.
- Focus is now on whether Shiba Inu's team can regain trust in Shibarium.
- Traders are closely watching Dogecoin for further large transfers that could affect the market.
PepeNode Presale Highlights
- PepeNode (PEPENODE) raised $1.15M in its presale with a unique mine-to-earn model.
- Offers staking rewards up to 1396% and combines meme coins with virtual mining.