5 Trillion SHIB Stolen in WazirX Hack: Shiba Inu Price Prediction
The Shiba Inu price fell 11% to $0.00001707 in 24 hours after crooks stole 5.4 trillion SHIB in a $234 million breach of Indian exchange WazirX.
Although the meme currency gained 2% in a week and 11% in a fortnight, SHIB is down 2% in an hour.
Hackers dumping SHIB might cause greater losses for the cryptocurrency.
The offenders seem to have been selling Shiba Inu piecemeal, thus the harm may be minimal and the currency likely to recover quickly.
5 Trillion SHIB Stolen in WazirX Hack: Shiba Inu Price Prediction
SHIB's data suggests hackers have sold $20 million in meme tokens quickly.
The currency is highly oversold, indicating a big return, but more agony may follow soon.
Its relative strength index (purple) has dropped to 20, indicating a near-term resurgence.
Some worry that the WazirX hackers may sell all their SHIB at once, although experts have highlighted that they may sell more slowly to avoid tanking the market.
The hackers may not be able to sell their SHIB at a practical level since security experts and legal authorities will be tracking their activities on the public Ethereum blockchain, where Shiba Inu operates.
This hack definitely didn't hurt SHIB, which undoubtedly saw the worst of it today.
In the medium and long run, the Shiba Inu price should rebound dramatically in the next weeks and months.
Next week's Ethereum ETF launch will enhance enthusiasm and demand, as will fall rate reduction.
SHIB, one of the strongest meme tokens fundamentally, will return to $0.00002 and eventually $0.00003 Q4.