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Shiba Inu Price Drops 10% As 5 Trillion SHIB Flood To Exchanges Following WazirX's Exploit
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shiba Inu Price Drops 10% As 5 Trillion SHIB Flood To Exchanges Following WazirX’s Exploit

Ronaldo Marquez
Ronaldo Marquez
10 months ago
3 mins read
Coinbase

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WazirX, one of India’s largest cryptocurrency exchanges, suffered a security breach on Thursday that resulted in the loss of $230 million, nearly half of its reserves. The exchange referred to the incident as a “force majeure event.” However, the repercussions extend beyond WazirX alone, casting a shadow of uncertainty over Shiba Inu (SHIB) holders.

Panic Sell-Off Fears Rise 

Blockchain analytics firm Elliptic analyzed the breach, revealing that approximately $235 million worth of various crypto assets were lost, including Shiba Inu ($96.7 million), Ethereum ($52.6 million), Polygon (MATIC) ($11 million), Pepe ($7.6 million), Tether’s USDT ($5.7 million), and Floki Inu (FLOKI) ($4.7 million).

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WazirX Exchange Releases Post-Mortem Report: Was North Korea Behind The $235M Exploit?

10 months ago

As news of the breach spread, Julio Moreno, head of research at CryptoQuant, reported a surge in people rushing to exchanges to sell their assets. Notably, over 5 trillion SHIB tokens flooded exchanges within a few hours, intensifying concerns about a potential major sell-off wave.

SHIB
Spike in SHIB inflows to exchanges on Thursday. Source: Julio Moreno on X

The impact on Shiba Inu’s price was evident, with the token experiencing a sharp decline of nearly 10% following the exploit to its current trading price of $0.000017. 

It was also disclosed that The hacker responsible for the WazirX breach sold off $102.1 million worth of SHIB tokens, according to on-chain data firm Arkham, contributing to the downtrend. 

However, reports indicate that market makers such as Wintermute intervened by purchasing SHIB from decentralized exchanges (DEX) and selling it on centralized exchanges, mitigating a further price drop for the token.

Shiba Inu Price Analysis

In the future, the extent of the sell-off and its impact is a concern, as investors’ decisions to sell their holdings as panic mounts could further exacerbate the current downtrend. 

Examining the SHIB/USD daily chart reveals three significant support lines expected to impede further downward movement. The first and relatively less significant support is anticipated to be around the $0.000014 zone. This level previously marked the end of a correction in early July, followed by a recovery towards $0.000020.

SHIB
The daily chart shows SHIB’s price drop following WazirX’s exploit. Source: SHIBUSD on TradingView.com

Should selling pressure breach this level, attention turns to the crucial 6-month support at $0.000012. SHIB bulls must hold this level to prevent a deeper decline if significant buying pressure fails to materialize.

Lastly, the $0.0000092 mark represents the ultimate threshold for bullish investors in the Shiba Inu coin. A breach of this level would potentially trigger a revisit to the token’s all-time low levels.

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MOVR Bulls Assemble: Crypto Analyst Says A 2,000% Surge To $234 Is Imminent

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Conversely, if SHIB experiences a recovery, the 200-day exponential moving average (EMA), depicted as the yellow line on the SHIB/USD chart, could act as a resistance point. This resistance will come into play if bullish sentiment controls SHIB’s price action.

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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