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In the last few hours, Shiba Inu’s (SHIB) price has lost over 10.6% in value, falling to approximately $0.00001737. This significant drop in SHIB’s price suggests the attacker is offloading their holdings, putting downward pressure on its market value as they still holds nearly 5.4 trillion SHIB tokens, as per Blockchain data.
WazirX Attacker Targets Shiba Inu
WazirX, India’s largest digital asset exchange, fell victim to a major security breach where hackers exploited vulnerabilities in the platform’s multisig wallets. The attack resulted in the theft of over $230 million worth of various cryptocurrencies, including SHIB, PEPE, Ethereum, and Fantom.
Meanwhile, Blockchain data revealed that the attacker responsible for the breach holds a substantial amount of SHIB tokens, totaling 5.435 trillion, with an approximate value of nearly $100 million.
This substantial holding suggests that the ongoing sell-off by the attacker is putting significant downward pressure on SHIB’s market value.
Attacker Sold 35Bln SHIB Token
According to recent reports from Lookonchain, a prominent blockchain analytical platform, the exploiter has already sold 35 billion SHIB tokens, amounting to approximately $618,000. Despite these sales, the exploiter continues to hold 5.4 trillion SHIB tokens, valued at around $95.45 million.
This continued selling activity by the attacker highlights the challenges faced by WazirX and notes the ongoing concerns within the crypto community regarding platform security and investor protection.
Will SHIB Continue It’s Fall?
Following the exploit, SHIB’s price has seen a sharp decline of over 10.6%, currently trading at approximately $0.00001737. Despite a notable increase in the burn rate of SHIB tokens today, amounting to an 874% surge, the market sentiment remains bearish.
However, many in the Shiba Inu community fear that the SHIB price will drop further as the exploiter has started selling off a small portion of their SHIB tokens. They still hold a massive 5.4 trillion tokens, raising concerns that more selling could push SHIB’s value down even more.
Meanwhile, the Relative Strength Index (RSI) for SHIB stands at 53, indicating neutral territory but reflecting cautious investor sentiment.
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