Shiba Inu Price Struggles Amidst Recent Events
Recently, the Shiba Inu price has faced challenges stemming from various developments in the crypto market. Despite signs of recovery in Bitcoin and other cryptocurrencies, Shiba Inu has experienced a decline in value, dropping by approximately 10% to test a new support level.
Impact of WazirX Hack on Shiba Inu
A significant event that affected Shiba Inu’s price was the recent hack of WazirX, an Indian cryptocurrency exchange. The hackers managed to steal a total of $235 million worth of various cryptocurrencies, including Shiba Inu tokens, which accounted for the highest amount among the stolen assets.
- The Ethereum tokens stolen were valued at $52.6 million
- Polygon tokens stolen were worth $11 million
- Shiba Inu tokens stolen amounted to an alarming $96.7 million
Shiba Inu’s popularity on WazirX made it a target for the hackers, as it has been one of the most traded cryptocurrencies on the platform. Investors were understandably concerned about the impact of the hack on the token’s price, leading to a decline of around 10% even before the broader market recovery.
Continued Pressure on Shiba Inu Price
Despite the overall recovery of the crypto market post-hack, Shiba Inu’s price has continued to face downward pressure. This ongoing pressure can be attributed to the actions of the hackers, who have been selling off the stolen Shiba Inu tokens and converting them into Ethereum.
- The hackers have converted $90.2 million worth of SHIB to ETH
- Additional conversions include $10.2 million in MATIC and $7.5 million in PEPE
- Total of $150 million has been converted to ETH, impacting the Shiba Inu price significantly
As a result of these conversions, the Shiba Inu price is currently testing the $0.000017 support level. Despite a slight decline in the last 24 hours, this support level has remained intact, indicating some stability in the midst of market fluctuations.
Looking Ahead for Shiba Inu
Given the recent events affecting Shiba Inu’s price, it is crucial for investors and enthusiasts to monitor the situation closely. The following factors may influence the future trajectory of the token:
- Market sentiment towards Shiba Inu post-hack
- Actions taken by the hackers with the stolen tokens
- Overall market trends and the impact on Shiba Inu’s price
Hot Take: Stay Informed and Vigilant
In the ever-evolving crypto market, staying informed and vigilant is essential to navigate through challenges like the recent events impacting Shiba Inu. By monitoring developments closely and understanding the various factors at play, investors can make informed decisions regarding their Shiba Inu holdings.
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