As a long-term Shiba Inu investor with a deep understanding of the crypto market, I’ve seen my fair share of ups and downs. The recent decline in Shiba Inu’s price has left me feeling a mix of frustration and concern.
The price of Shiba Inu has trailed behind in recent times despite Bitcoin and the cryptocurrency market experiencing some revival. This slump can be attributed to various factors that have negatively impacted the value of this meme coin, leading to a approximately 10% decrease and a test of a new lower support level.
WazirX Hack Triggers Shiba Inu Decline
As a seasoned cryptocurrency investor and follower of the market trends, I was deeply concerned to learn about the recent hacking incident at Indian crypto exchange, WazirX. The news of around $235 million being stolen from the platform came as a shock, and the fact that notable cryptocurrencies such as Polygon and Ethereum were among the stolen assets only added to the alarm. However, what caught my attention the most was the significant amount of Shiba Inu coins taken in the hack.
The value of Ethereum and Polygon tokens taken by hackers totaled $63.7 million, but the shocking figure was the $96.7 million worth of Shiba Inu tokens that were stolen. It’s no wonder this occurred, as Shiba Inu has consistently been the busiest cryptocurrency on the exchange in terms of trading volume.
The widespread popularity of the SHIB token on the WazirX exchange significantly influenced its price. Notably, WazirX is now a prominent platform for trading SHIB, and the hack instilled fear among investors due to the potential risks posed by the perpetrators following the security breach.
After the hack, the crypto market experienced a dip but soon regained its footing. However, Shiba Inu had already been affected by the bearish trend and had dropped approximately 10% in value before the market started to bounce back again.
Hacker Begins Selling SHIB Tokens
Despite the crypto market appearing to recover from the WazirX hack, the price of Shiba Inu remains heavily influenced by the aftermath. The hackers behind the attack have reportedly started converting their ill-gotten gains into Ethereum.
Up until now, a significant portion of the stolen Shiba Inu tokens from the hack has been cashed out and transformed into Ethereum. As per the information provided by the on-line tracking platform Spot On Chain, approximately $90.2 million worth of SHIB has been exchanged for ETH, along with around $10.2 million in MATIC and $7.5 million in PEPE.
To date, approximately $150 million has been transformed into Ethereum (ETH), significantly impacting the value of Shiba Inu. The malicious account currently holds a staggering amount of 59,087 ETH, equivalent to around $201 million. Additionally, this account possesses smaller quantities of various other cryptocurrencies like CHR, CELR, and OOKI.
The current price of Shiba Inu is attempting to touch the $0.000017 mark for a retest. Notably, this support level has managed to stay strong despite the minor 1.03% decrease observed over the past day.
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2024-07-20 02:41