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Shiba Inu’s price reversed lower in the early Sunday session, following a rebound in Saturday’s session to a high of $0.00001306.
At the time of writing, SHIB was down 0.19% in the last 24 hours to $0.0000129 as the broader crypto market largely traded in red with $180 million recorded in crypto liquidations.
Shiba Inu’s price U-turn caught bulls, who had hoped for a continuation of the relief rally after a two-day drop on Thursday and Friday from $0.0000136 to $0.00001279, unawares.
In the last 24 hours, Shiba Inu saw $5,520 in total liquidations with longs accounting for the majority, while short liquidations came in at $1,510. According to CoinGlass data, 310,077,519 SHIB were liquidated in long liquidations as SHIB fell to a low of $0.00001281 in the early Sunday session.
Shiba Inu is attempting to hold support at the daily SMA 50 at $0.00001285. A decisive move above the daily SMA 200 at $0.00001297 will be watched for a continuation of Shiba Inu’s price rise.
Shiba Inu developer Kaal Dhairya provided an update on the Shibarium bridge incident where unauthorized validator signing power was used to push a malicious state/exit through the PoS bridge, withdrawing multiple assets.
Dhairya noted that right before the attack happened, a small win was being celebrated in the Shiba Inu team: The cross-chain ShibaSwap work and the new ShibaSwap UI launch. Dhairya stated a plan to propose a “fix” to issues in the Shiba Inu ecosystem. This plan included solutions for fragmentation, a multichain DEX upgrade, an improved rewards engine, liquidity incentives via gauges, a reputation/attestation/roles layer, modified council elections, IP tokenization with royalties tied to rewards and burns, integrated NFTs/gaming/metaverse, privacy and scaling with modular rollups and growth and ambassador programs.
For now, the Shibarium bridge remains restricted until deemed safe and verified.
