Key Insights:
- Shiba Inu developer Kaal Dhairya has detailed recovery steps after the Shibarium hack.
- On-chain stats show network activity and usage remain weak.
- SHIB price holds steady near $0.000013 amid a wider altcoin reset.
Shiba Inu developer Kaal Dhairya has given an update on the Shibarium hack that happened weeks ago.
He confirmed that the team is still working on repairs, with safety steps in place before full recovery.
Network data shows activity has not bounced back. Meanwhile, SHIB price moves slowly as the wider altcoin market faces a big reset.
Developer Explains Shibarium Hack Recovery
Shiba Inu developer Kaal Dhairya has shared the latest information on the Shibarium hack.
In his post, he said the network is under a step-by-step recovery plan, noting that the first step is containment.
This means bridge restrictions stay in place, monitoring continues, and there is cooperation with exchanges and law enforcement.
The next stage is called hardening. Here, the team is working with Hexens, a blockchain security company.
They are fixing issues linked to signers and validators. Custody systems are being improved.
In addition, controls such as rate-limits and circuit-breakers are being added. Deny-lists are also being extended to block suspicious actions.
The plan is clear that Shibarium will not be reopened until three checks are complete. Independent reviewers must approve the fixes.
Integrity checks on the network must pass, and test drills must also succeed. Even then, the return will be slow, with options to reverse if problems appear.
The final step will be a full postmortem. This will feature a report that will be published explaining the cause of the hack and the permanent fixes.
There will also be a plan for helping affected users. This could differ depending on the type of token lost.
Shibarium Network Stats Still Weak
It is worth noting that On-chain data shows the Shibarium network has not yet recovered.
Total blocks processed are 13,182,124, with an average block time of 5 seconds.
The chain has recorded 1,568,310,472 transactions since launch, and total addresses stand at 272,488,220.
Daily activity is low at 11,500 transactions, down from an average of 4 million before the hack. The gas tracker shows 496.1 Gwei, which is high compared to normal costs.
Current network use is only 0.39%, pointing to weak demand. Recent blocks on the chain have little activity.
Block 13,183,559 was mined just seconds ago, but carried zero transactions. Other blocks around the same time also had zero or one transaction.
Latest transactions confirm this low activity. In one case, a token transfer of 0.000206 BONE was recorded.
Another transfer involved 0.00398 BONE. These are small movements compared to the usual scale of trades on the network.
The data shows that Shibarium still has a long way to go before returning to past levels.
SHIB Price Reacts to Market Signals
Shiba Inu’s token, SHIB, is trading at $0.00001295. It is ranked 23 by market capitalization, which comes in at $7.63 billion.
The 24-hour trading volume is $153.72 million, down 10.76%. Despite this, the token is up 0.24% in one day.
Market signals show SHIB is stuck between support and its 200-day EMA. A drop to $0.0000128 last week slowed down its bullish momentum.
Buyers, however, held that level and if demand builds, SHIB could test resistance at $0.000014. A break above this could lead to $0.000016 to $0.000017.
The risk is also clear. If sellers increase and volumes fall, SHIB price could slide toward $0.0000117. In a deeper drop, it could add another zero.
The outlook is mixed as the exchange supply is falling, and some network metrics are improving.
These signs suggest that traders might be preparing for a push higher. Still, the Shibarium breach has left the project uncertain.
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles has been featured on Cryptonews and Coingape, among others.
