Shiba Inu Plummets 8% Amidst WazirX Hack And Massive Token Transfer

Shiba Inu (SHIB) took a deep slide on Thursday after a major attack on an Indian crypto exchange and massive token transfers hurt investor sentiments. Over $102 million worth of SHIB tokens were obtained through the WazirX exchange, according to data from the on-chain intelligence tracker Arkham. SHIB faced a massive sell-off as traders panicked and the exploiter offloaded the assets. As of writing, the value of Shiba Inu had decreased by over 8% for the day.

WazirX Faces Hack Hurting SHIB Investors

The amount of SHIB that was taken out of WazirX’s wallet in the hacking incident that also involved Pepe, Ether, and other cryptocurrencies is the largest cryptocurrency in terms of US dollars. One of the biggest meme coins in the cryptocurrency space, Shiba Inu had a sharp decline early on Thursday as a result of a hack on this Indian cryptocurrency platform. A security breach on the cryptocurrency exchange platform WazirX led to withdrawals of more than $230 million on Thursday during the early hours in Europe. Users’ money was lost as a result of the security breach that exposed one of its wallets.

Will SHIB Keep Falling In the Future?

Due to the ongoing weakness in the sentiments for SHIB, in the upcoming month, the price of Shiba Inu is expected to decrease by 3.92% to $0.00001662. Technical indicators indicate that the current mood for the coin is bearish, and the Fear & Greed Index is currently reading 61 (Greed).

Over the previous 30 days, Shiba Inu had 15 out of 30 (or 50%) green days and 6.30% price volatility. Data also suggests that there is widespread bearish sentiment for Shiba Inu price prediction with 14 technical analysis indicators indicating bullish signs, while 19 indicate bearish signals.

The 200-day SMA for Shiba Inu will grow during the upcoming month and reach $0.00002146 by August 17, 2024. During the same time, Shiba Inu’s short-term 50-day SMA is predicted to reach $0.00001977. The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). The SHIB market is neutral at the moment, as indicated by the RSI figure of 52.74.