In September, the Shiba Inu token showed significant growth, increasing by 25%, attracting investor attention. This article examines Shiba Inu's achievements and the challenges it faces.
Price Surge of Shiba Inu
Shiba Inu's (SHIB) price rose to $0.000014 on September 13, marking its highest level in over a month, representing a 25% increase from earlier lows for the month. This surge reflects the close attention investors are giving to the coin amidst a broader market recovery.
ShibaSwap Upgrade and TVL Increase
The price increase in SHIB coincided with a rise in the total value locked (TVL) of the Shibarium network, which surged nearly 40% in the past 24 hours, reaching $2.28 million. This is the highest value seen since June and marks a significant rebound after months of stagnation. This increase followed a major upgrade to ShibaSwap, Shiba Inu's decentralized exchange, which now offers improved performance in the decentralized finance (DeFi) space.
Hacking Attempt and Declining Exchange Balances
Despite the positive trends, Shiba Inu's ecosystem faced challenges, including a hacking attempt on ShibaSwap. A hacker exploited a flash loan to gain control of 4.6 million BONE tokens, attempting to drain assets from the network. Fortunately, the impact was minimal as the stolen tokens were locked. Additionally, there has been a decline in the amount of SHIB tokens held on exchanges, decreasing from 292 trillion to 283 trillion, indicating investor confidence in the long-term potential of the project.
Shiba Inu's price continues to show growth, and improvements in the network infrastructure underscore investor confidence. Nonetheless, vigilance is essential as the ecosystem faces cybersecurity threats.
