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A hacker stole and sold 5.43 trillion SHIB tokens worth $92 million
Whale activity and a surge in SHIB burn rate spurred hope for the memecoin’s holders
As a seasoned financial analyst with a decade of experience in the cryptocurrency market, I have seen my fair share of volatility and unexpected events. The recent turn of events surrounding Shiba Inu (SHIB) has been particularly intriguing, to say the least.
Shiba Inu (SHIB) has experienced significant price fluctuations recently. Following a brief surge, SHIB encountered resistance at approximately $0.00001889, causing it to pull back and drop to around $0.00001723 on the price charts.
Consequences of the massive security breach
Reports emerged of a hacker stealing an enormous amount of SHIB tokens, approximately 5.43 trillion, which equates to around 26,535 ETH or $92 million. Subsequently, this hacker disposed of the entire stash in one go, resulting in significant market turbulence for SHIB. This sudden sale instigated widespread fear among investors, leading them to frantically sell off their SHIB holdings (shorting).
As an analyst, I would put it this way: The bearish trend for the memecoin’s price was amplified when a large volume of coins from that recent transaction entered the market and were sold off.
Whales become active again
In spite of a recent downturn in the memecoin’s market, large investors are now displaying renewed curiosity.
According to AMBCrypto’s analysis of Santiment’s data, there has been increased whale activity surrounding SHIB, which currently stands at a ratio of 52%.
It’s noteworthy that the surge in the market occurred in response to the whale’s instinct to reestablish dominance following this surprising significant trade.
SHIB is burning again
As a seasoned crypto analyst with years of experience under my belt, I’ve seen my fair share of market fluctuations. But what’s happening with Shiba Inu (SHIB) right now is nothing short of extraordinary. In just the last 24 hours, SHIB’s burn rate has soared through the roof, skyrocketing by an astonishing 454.08%. This is a significant leap that truly highlights the current momentum and excitement surrounding this meme coin. It’s fascinating to observe such rapid growth, and I’m genuinely intrigued to see how this trend will unfold in the coming days and weeks.
The significant increase in the number of Shiba Inu tokens being consumed each day (burn rate) resulted in the destruction of approximately 48 million tokens. This decrease in the token circulation contributes to market stability and potentially assists in the price rebound, though it doesn’t guarantee it.
Shiba Inu’s (SHIB) price was dealt a hard blow owing to the WazirX security breach.
An increase in whale involvement and heightened burning rate could prove beneficial for the widely-used memecoin.
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2024-07-20 09:11