Recently, despite the recovery of Bitcoin and the entire cryptocurrency market, the price of SHIB has failed to keep up with this trend and has fallen. This decline is closely related to a series of events, the most notable of which is the hacking of WazirX.

ShibaCoin’s popularity on WazirX has caused its price to be severely affected after the hack. Concerns about the possible actions of malicious actors have further exacerbated the decline in ShibaCoin’s price. Although the cryptocurrency market quickly recovered after a brief drop, ShibaCoin failed to escape the bearish pressure and lost about 10% of its value.

More worryingly, hackers have begun converting stolen Shiba Inu coins into Ethereum. So far, about $150 million of Shiba Inu coins have been converted into Ethereum, further exacerbating the price pressure on Shiba Inu coins.

ShibaCoin is currently attempting to retest the $0.000017 support level. Despite a 1.03% drop in the past 24 hours, this support level has held steady so far. However, enthusiasts remain cautious about the future of ShibaCoin, fearing that further actions by the hacker could cause a bigger shock to its price.

It should be pointed out that the market is highly volatile and uncertain. Enthusiasts should fully understand the relevant risks and make prudent decisions when participating in the market.

The above content is for reference only and does not constitute any advice

We will continue to pay attention to the developments of Shiba Inu Coin and the entire cryptocurrency market, and bring you more relevant reports and analysis.

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