Shiba Inu (SHIB) Plummets After Hack and Surge in Exchange Inflows

Shiba Inu's price plunged 10.03% in the last 24 hours due to increased selling pressure and a shocking security breach. Currently, SHIB trades at $0.000017. Here’s what happened and what to expect next for the popular meme coin.

On June 18, digital asset security platform Cryverse Alert reported a major hack on Indian crypto exchange WazirX, with $234.90 million in cryptocurrencies stolen. Shiba Inu was the most affected, with $102 million worth of SHIB tokens moved.

Following the hack, Lookonchain alerted the crypto community that the hacker began selling the stolen assets. This led to a significant rise in exchange inflows—indicating more tokens being sent to exchanges to be sold. According to Santiment, SHIB’s exchange inflow surged to 39.72 billion tokens, nearly double from the previous day, signaling intense selling pressure.

Despite the turmoil, on-chain data suggests potential for recovery. The In/Out of Money Around Price (IOMAP) data from IntoTheBlock shows that SHIB may find support at $0.000017, with 8,480 addresses holding 4.26 trillion SHIB in profits. This group could provide the necessary support to stabilize SHIB's price and possibly push it back to $0.000018.

However, resistance is expected at $0.000018. If SHIB manages to breach this level, the price could rise towards $0.000020. Conversely, continued selling pressure could drive SHIB down to $0.000016.

Shiba Inu’s next moves will likely depend on broader market trends, including Bitcoin’s performance. A recovery in Bitcoin’s price could positively impact SHIB, while further declines could trigger additional losses.

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