As a seasoned cryptocurrency market analyst with years of experience observing and analyzing digital asset trends, I’ve seen my fair share of volatile price swings and unexpected events. The recent surge in trading volume for Shiba Inu (SHIB), up by an impressive 145% in the past 24 hours according to CoinMarketCap data, has piqued my interest.
Based on current market statistics, the trading volume for Shiba Inu has experienced a significant surge of approximately 145% within the last 24 hours.
Based on CoinMarketCap’s latest figures, the trading volume for Shiba Inu, the cryptocurrency with a dog theme, has risen by 145% in the past 24 hours. This amounts to a significant increase of $1.14 billion or approximately 65.92 trillion SHIB coins being traded during this timeframe.
Yesterday, the SHIB price experienced a significant decrease, dropping over 11%, and touching a low of $0.00001679. This downward trend can be attributed to the recent cyberattack that hit WazirX, an India-based cryptocurrency exchange.
Last Thursday, WazirX suffered a security incident that resulted in significant losses. Approximately $152 million worth of assets, including $100 million in Shiba Inu (SHIB) and $52 million in Ethereum, were taken from one of the exchange’s multisig wallets.
After the occurrence of the incident, information from blockchain databases indicates that the thief who targeted WazirX has drained the illegally acquired SHIB coins.
Based on data from Lookonchain, the individual who exploited WazirX and made off with 5.43 trillion SHIB has reportedly sold this entire stash for approximately 26,535 Ethereum (ETH). The value of this transaction comes out to around $92 million.
In this situation, Lookonchain points out that although the price of SHIB may have appeared to decrease significantly, it could be considered a silver lining that market makers like Wintermute had bought SHIB from decentralized exchanges (DEXs) and then deposited it to exchanges for arbitrage purposes. This activity helped prevent a more severe price drop.
SHIB price eyes recovery
A higher than usual trading activity for SHIB could be indicative of investors adjusting their positions. Such a significant surge in trading volumes may serve as an early signal for potential price changes.
As a crypto investor closely watching SHIB‘s recovery, I am keeping a close tab on the price action. A consistent surge in trading volume alongside strong buying pressure could potentially lead to a price rebound.
As I pen this text, SHIB was experiencing a 3.43% decrease in value over the past 24 hours, reaching $0.00001713. This downtrend represents the third consecutive day of losses. The intense selling pressure could potentially give way to a brief respite, as bears may eventually need to rest and allow bulls to regain control.
As I closely monitor SHIB‘s trading patterns, a persistent price surge above the daily moving averages of $0.00001929 (50-day MA) and $0.00001970 (200-day MA) would be an initial indication of a bullish recovery. However, should the price continue to dip, I anticipate intermediate support at $0.0000147. Maintaining this support level is crucial in halting any further declines.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- MNT PREDICTION. MNT cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- SOL PREDICTION. SOL cryptocurrency
- Lucky Animal Crossing: New Horizons Player Discovers Infinite Clam Glitch
- I Physically Need WWE 2K25’s Showcase to Feature The Bloodline
- Cardano Enters Chang Hard Fork Era With Node 9.1.0 Upgrade
- Destiny 2 Player Transforms Their Warlock Into Team Fortress 2’s Medic
2024-07-19 15:53