Today, July 18, attention is once again focused on Shiba Inu coin, one of the largest meme coins by market cap. Recent on-chain data from Whale Alert shows that over 5 trillion SHIB coins were transferred from an Indian crypto exchange to another address.

This development has sparked widespread discussion in the cryptocurrency community, especially following reports of an exploitation attack on the Indian exchange.

WazirX Exchange Faces $102.12 Million Crypto Theft

According to Whale Alert’s on-chain data, a staggering 5.43 trillion coins valued at $102.12 million were illicitly transferred from India’s prominent crypto exchange, WazirX, today. The transaction, orchestrated by the whale address 0x04b21735, is linked to an exploiter responsible for draining over $230 million from the exchange in a recent hack.

The theft coincides with a recent visit by Shytoshi Kusama, lead developer of Shiba Inu coin, to Mumbai, India, adding intrigue to the unfolding situation. This convergence of events has sparked considerable discussion within the cryptocurrency community. Meanwhile, Shiba Inu coin experienced a decline in value today, signaling a pullback amidst the unfolding events.

Shiba Inu Coin Faces Price Decline Amid Market Volatility

At the latest update, SHIB’s price has dropped by 4.72% to trade at $0.00001858. Over the past 24 hours, the token saw lows of $0.00001856 and highs of $0.00001941.

Despite an impressive 874% increase in the burn rate, with nearly 8 million coins incinerated, SHIB remained in the red zone without significant price gains.

Today’s price decline reflects broader market trends, prompting speculation about a potential SHIB and overall market recovery. The Relative Strength Index (RSI) has edged toward the buying zone at 53, indicating SHIB is currently balanced without being overbought or oversold.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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