Why The Shiba Inu Price Dropped 10% To $0.00001777 Despite Bitcoin Recovery



Despite Bitcoin and the crypto market recovering, Shiba Inu prices have lagged. Several events have rocked the meme coin price, leading it to plummet 10% to test a new support level.


Shiba Inu Falls After WazirX Hack


WazirX, an Indian crypto exchange, was hacked for $235 million this week. Top cryptocurrencies like Polygon and Ethereum were taken in the incident. The highest-value Shiba Inu coins were seized.


The unscrupulous actors took $96.7 million in Shiba Inu tokens, $52.6 million in Ethereum tokens, and $11 million in Polygon tokens. Since Shiba Inu has always been the most traded cryptocurrency on the platform, this was expected.


The Shiba Inu price was also impacted by the WazirX exchange's SHIB token popularity. WazirX is a popular SHIB exchange, thus investors worried about what the unscrupulous actors would do after the breach.


The crypto market fell after the breach but rebounded fast. The crypto market rebounded after Shiba Inu lost 10% of its value due to adverse pressure.


The Shiba Inu price remains under pressure despite the crypto market's recovery from the WazirX attack. Because WazirX hackers were turning their exploit's gains into Ethereum.


The majority of Shiba Inu tokens stolen in the breach have been sold and converted to Ethereum. Spot On Chain reports that the hacker(s) changed $90.2 million in SHIB to ETH, $10.2 million in MATIC, and $7.5 million in PEPE.



Since $150 million has been transferred to ETH, the Shiba Inu price has been under pressure. The exploiter account has 59,087 ETH worth $201 million with lower sums in CHR, CELR, and OOKI.

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