Shiba Inu (SHIB) Price Drops Following Hack and Rise in Exchange Inflows – what's next for the coin?
(note: the post contains data by BeInCrypto)
Shiba Inu’s (SHIB) price has tanked by 10.03% in the last 24 hours. Findings show that the sudden drop is linked to increased selling pressure and an unsettling development that shocked market participants.
Today, June 18, a digital asset security platform, Cryverse Alert, posted that WazirX, a crypto exchange based in India, had been hacked. According to the details, the perpetrators stole $234.90 million in cryptocurrencies.
The cryptos involved in this exploit include Pepe (PEPE), Polygon (MATIC), Ethereum (ETH), and a few others. However, Shiba Inu is the most affected, as the total value of SHIB tokens moved was $102 million.
From an on-chain perspective, the In/Out of Money Around Price (IOMAP) shows that once the dust settles, SHIB may resume its uptrend.
According to IntoTheBlock, 5,420 addresses bought 2.60 trillion SHIB, which is around $0.000018. These investors are out of the money.
However, 8,480 addresses purchased 4.26 trillion tokens, around $0.000017, and are holding SHIB in profits. Since the latter group mentioned is higher than the former, they can provide the much-needed support SHIB needs.
If this is the case, SHIB’s price may rise to $0.000018 once the Fear, Uncertainty, and Doubt (FUD) surrounding the project wanes.
At the same time, it is important to mention that SHIB may face resistance at $0.000018. If bulls can breach this zone, the price could rise toward $0.000020.
Also, if Bitcoin’s (BTC) price recovers, there is a high chance that Shiba In may do the same. But if this does not happen, and another round of selling pressure appears, SHIB’s next move may be a fall toward $0.000016.
#Mt_Gox_BTC_Dip #ETH_ETF_Approval_23July #VanEck_SOL_ETFS #shiba⚡
