The Recent Plunge of Shiba Inu (SHIB)📉
Shiba Inu (SHIB) has experienced a significant drop, decreasing by more than 10.6% in just a few hours to reach around $0.00001737. This sudden decline has sparked concern among investors, indicating that the individual behind the recent breach at WazirX may be starting to sell off their stolen SHIB tokens.
With a massive 5.4 trillion SHIB tokens still in their possession, as per blockchain data, the potential for further disruptions in the market is looming large.
Major Security Breach at WazirX: A $230 Million Theft!
WazirX, which is the largest digital asset exchange in India, recently fell victim to a major security breach. Hackers took advantage of vulnerabilities in the platform’s multisig wallets, resulting in the theft of over $230 million worth of various cryptocurrencies, including SHIB, PEPE, Ethereum, and Fantom.
According to blockchain data, the perpetrator behind this breach holds a staggering 5.435 trillion SHIB tokens, valued at around $102 million. This substantial holding indicates that the ongoing selling of SHIB tokens by the attacker is significantly impacting the market value of SHIB.
Continued Sell-Off!
Reports from Lookonchain, a renowned blockchain analytic platform, suggest that the hacker has already offloaded 35 billion SHIB tokens, amounting to approximately $618,000. Despite these sales, the exploiter still retains 5.4 trillion SHIB tokens, valued at about $95.45 million.
The ongoing selling activity by the hacker underscores the difficulties faced by WazirX and underscores the persistent concerns in the cryptocurrency community regarding platform security and investor safeguarding.
Bearish Market Sentiment:
Following the breach, the price of SHIB experienced a sharp decline of over 10.6%, currently trading at roughly $0.00001737. Despite a significant increase in the burn rate of SHIB tokens today, surging by 874%, market sentiment remains negative.
Investor Worries Are Justified!
Many members of the Shiba Inu community are apprehensive about further price drops as the hacker continues to sell small portions of their SHIB tokens. With a substantial 5.4 trillion tokens still in the culprit’s possession, concerns are escalating that additional selling could further depress the value of SHIB.
Meanwhile, the Relative Strength Index (RSI) for SHIB currently sits at 53, signaling neutral territory but reflecting cautious investor sentiment.
The SHIB community is on edge. Are you holding onto your tokens or cutting your losses?
Hot Take: Proceed with Caution🔥
As the sell-off of SHIB tokens continues, fueled by the recent breach at WazirX, investors must exercise caution in their decision-making to navigate this turbulent market scenario. Stay informed, stay vigilant, and make strategic choices to safeguard your investments in the face of uncertainty.
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