According to recent market data, Shiba Inu's trading volume has soared by 145% over the past 24 hours.
According to CoinMarketCap data, dog-themed cryptocurrency Shiba Inu is seeing an increase in 24-hour trading volume, which is up 145%. This equals $1.14 billion, or 65.92 trillion SHIB.
The SHIB price fell more than 11% in yesterday's trading session, reaching lows of $0.00001679, being affected by the recent hacking incident at India-based crypto exchange WazirX.
On Thursday, WazirX experienced a security breach in one of its multisig wallets, causing the exchange to lose nearly $100 million in Shiba Inu (SHIB) and $52 million in Ethereum, among other assets.
Following the incident, blockchain data sources report that the WazirX exploiter has depleted the stolen SHIB stash.
According to Lookonchain, the WazirX exploiter has sold all of the 5.43 trillion SHIB stolen off the exchange for 26,535 ETH, worth $92 million.
The silver lining for the SHIB price presented in the scenario, according to Lookonchain, is that "since market makers such as Wintermute bought SHIB from DEX and deposited it to exchanges to sell for arbitrage, the price drop of SHIB was not serious."
SHIB price eyes recovery
An increase in trading volumes more often than not suggest investor positioning. If this is the case, the substantial increase in trading volume for SHIB might be a precursor to price movements.
As SHIB looks to recover, analysts and traders are keeping a careful eye on the price action. A sustained increase in volume combined with significant buying pressure could result in a price comeback.
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At the time of writing, SHIB was trading down 3.43% in the last 24 hours to $0.00001713, extending its sell-off into the third consecutive day. Given the current sell-off, there is a possibility of a relief rally as bears get tired and take a breather.
As eyes are peeled on where SHIB trades next, a sustained break above the daily moving averages 50 and 200 at $0.00001929 and $0.00001970 would be the first sign of a bullish comeback. In the event of further declines, intermediate support is envisaged at $0.0000147. Holding above this support level is crucial for preventing further declines.
