WazirX Hack Triggers MASSIVE SHIB Dump! Should You Sell?

Shiba Inu (SHIB) has taken a dramatic nosedive, plummeting over 10.6% in the past few hours to settle at approximately $0.00001737. This steep decline is raising alarm bells among investors as it strongly suggests the hacker responsible for the recent WazirX breach is beginning to offload their stolen SHIB.

With a staggering 5.4 trillion SHIB tokens still in their possession, according to blockchain data, the potential for further market turmoil looms large.

Read on to know more.

Major Breach at WazirX: A $230 Million Heist!

WazirX, India’s largest digital asset exchange, recently suffered a major security breach. Hackers exploited vulnerabilities in the platform’s multisig wallets, resulting in the theft of over $230 million worth of various cryptocurrencies, including SHIB, PEPE, Ethereum, and Fantom.

Blockchain data reveals that the attacker responsible for this breach holds a staggering 5.435 trillion SHIB tokens, worth approximately $102 million. This substantial holding implies that the ongoing sell-off by the attacker is significantly impacting SHIB’s market value.

Sell-Off Continues!

Reports from Lookonchain, a prominent blockchain analytical platform, indicate that the hacker has already sold 35 billion SHIB tokens, equating to approximately $618,000. Despite these sales, the exploiter still retains 5.4 trillion SHIB tokens, valued at around $95.45 million.

This continued selling activity by the attacker highlights the challenges faced by WazirX and notes the ongoing concerns within the crypto community regarding platform security and investor protection.

Market Sentiment Turns Bearish!

Following the exploit, SHIB’s price experienced a sharp decline of over 10.6%, now trading at approximately $0.00001737. Despite a significant increase in the burn rate of SHIB tokens today, surging by 874%, market sentiment remains bearish.

Investors Are Concerned… For Good Reason!

Many in the Shiba Inu community fear further price drops as the hacker continues to sell small portions of their SHIB tokens. With a massive 5.4 trillion tokens still in possession, concerns are mounting that more selling could further depress SHIB’s value.

Meanwhile, the Relative Strength Index (RSI) for SHIB stands at 53, indicating neutral territory but reflecting cautious investor sentiment.

Read Also: Shiba Inu Price Prediction 2024 – 2025: Will SHIB Price Reach $0.1 With A New Bull Run?

The SHIB community is on edge. Are you holding onto your tokens or cutting your losses?