- Shiba Inu price dropped sharply following a $2.3 million Shibarium hack and developer Shytoshi Kusama’s shift in focus to other projects.
- Technical indicators suggest SHIB could fall further, potentially hitting its 2023 low of $0.000005955.
Shiba Inu (SHIB) has faced a sharp price decline over the past two days, triggered by a combination of a major Shibarium hack and recent comments from the project’s lead developer, Shytoshi Kusama. The popular meme coin now trades significantly lower, reflecting the broader struggles in the cryptocurrency market.
Shiba Inu Price Plummets After Shibarium Breach
The Shibarium hack has been a major factor in SHIB’s recent slump. In the attack, the hacker executed a flash loan of 4.6 million BONE tokens, worth roughly $2.3 million, before taking control of 10 out of 12 validator signing keys. This allowed the hacker to drain approximately 224 ETH, valued at over $1 million, and 92.6 billion SHIB tokens, worth $1.27 million.
🚨 Shibarium Bridge Security Update 🚨
Earlier today, a sophisticated ( probably planned for months ) attack was carried out using a flash loan to purchase 4.6M BONE. The attacker gained access to validator signing keys, achieved majority validator power, and signed a malicious…
— Kaal (@kaaldhairya) September 13, 2025
Fortunately, developers quickly froze the stolen BONE tokens and locked the network to conduct a full security audit. According to DeFi Llama, ShibaSwap still holds over $1.24 million in assets, offering some reassurance to investors.
Shiba Inu Developer Shift Adds to Investor Uncertainty
Investor confidence was further shaken after Shytoshi Kusama resurfaced and indicated that his primary focus has shifted away from Shiba Inu. Kusama, who succeeded the project’s original founder Ryoshi, is now concentrating on undisclosed AI initiatives. While he continues to support Kaal, the new public face of the meme coin, his shift in attention has contributed to the bearish sentiment surrounding SHIB.
Although I have mentioned many times that my focus now lies outside Shib as I push for AI initiatives to better all our tokens, to suggest that I am anywhere except beside @kaaldhairya, the devs and other appropriate parties figuring out next steps is utterly preposterous ->.
— Shytoshi Kusama™ (@ShytoshiKusama) September 15, 2025
Technical Analysis Signals Further Decline
Technical charts suggest SHIB may face continued downward pressure. The coin has fallen below a high of $0.0000333 in December 2024 to its current $0.000013, moving beneath the 50-week Exponential Moving Average (EMA), a classic sign that bears are controlling the market.
Additionally, SHIB has formed a symmetrical triangle within a bearish pennant pattern. This formation often indicates a further breakdown, with analysts projecting that the coin could drop to the 2023 low of $0.000005955—a potential decline of around 55% from current levels.
What This Means for SHIB Investors
With the combined impact of the Shibarium hack and Kusama’s redirected focus, Shiba Inu faces a challenging period ahead. Investors should monitor network developments closely, particularly the ongoing audits, while remaining cautious about short-term trading.
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