Memecoins Under Pressure: SHIB and Dogecoin Slide After Shibarium Loses $2.4M in Hack

Memecoins take a hit as security breach rattles investor confidence.

The Shibarium network bled $2.4 million in a sophisticated exploit—triggering immediate selloffs across meme assets. SHIB and Dogecoin led the decline, shedding value as traders scrambled to limit exposure.

Security flaws exposed

Smart contract vulnerabilities turned into a free-for-all for hackers. The breach didn’t just drain funds—it spotlighted the lingering risks in hype-driven projects.

Market reaction

Panic spread faster than a viral meme. Trading volumes spiked as holders offloaded SHIB and DOGE, while Bitcoin and Ethereum held relatively steady—classic “flight to quality” behavior.

Another day, another crypto hack. At least traditional banks lose money the old-fashioned way: slowly and with paperwork.

Memecoins drop, broader market bid

SHIB fell by the most in three weeks on Sunday (UTC), losing 4% $0.00001369, and has continued to weaken to trade recently at $0.00001359. The cryptocurrency experienced considerable volatility throughout the 23-hour trading window ended Sept. 15 at 02:00 UTC, with the aggregate range encompassing $0.000006191, a 4% oscillation from peak to trough.

The session commenced with pre-dawn fragility as SHIB retreated from $0.000014156 to establish a pivotal trough of $0.000013547 at 14:00 UTC. Volume of 1.064 trillion tokens surpassed the 24-hour mean, signaling robust distribution pressure and prospective capitulation, according to CoinDesk Research's technical analysis model.

The BONE token, which initially doubled to over 36 cents, is now down over 2% on a 24-hour basis, trading at around 20 cents.

According to the technical analysis model:

• SHIB established a critical underpinning at $0.000013547 during elevated volume selling pressure exceeding 1.064 trillion tokens.
• The token constructed successive higher lows and consolidation parameters between $0.000013600-$0.000013780.
• Recovery momentum is demonstrated by ascending channel formations with sustained higher lows, indicating potential continuation towards the $0.000014000 resistance.
• Volume patterns exceeded 24-hour averages during the decline phase, confirming potential capitulation levels.
• Terminal hour trading exhibited decisive upward momentum with 1% appreciation, confirming a breach above the resistance threshold.

Large DOGE transfers add to bearish sentiment

Meanwhile, SHIB's peer Dogecoin (DOGE) fell 4% to 27.80 cents on Sunday and has since lost further 5% to 27.36 cents, according CoinDesk data.

A massive transfer of DOGE to a centralized exchange likely added to the bearish mood in the market. According to Whale Alert, crypto exchange OKX received 119,306,143 DOGE, worth over $34 million, from an unknown wallet. Such large transfers are typically associated with an intention to liquidate holdings.