Shiba Inu (SHIB) Price Dips Sharply by Over 8% Following India’s Crypto Security Incident

Highlights:

• Shiba Inu’s price slumps as hackers amassed tokens from India’s largest exchange to an unknown wallet.
• Shiba Inu suffered losses, with 5.43 trillion tokens worth over $100 million shifted from the exchange.
• Technical analysis reveals that SHIB is mirroring a downward trajectory that could be transient.

Shiba Inu (SHIB) price has suffered a significant hit following a security breach earlier today. For context, Wazirx, India’s largest exchange, suffered a data compromise, resulting in the loss of valuables totalling over $230 million. Among digital assets carted away from the exchange to an unknown wallet, Shiba Inu appears to top the chart. Therefore, it is unsurprising that the token is recording significant price declines when the market seems to have corrected.

Brief Overview of the Security Breach on Wazirx

According to one of our most recent news articles, Cyvers Alerts, a crypto scam trackers handle, reported the security breach on Wazirx. Per Cyvers Alerts, the hackers gained unauthorized access to the exchange’s database by corrupting its safe Multisig wallet on the ETH network.

Following the security breach, Cyvers Alerts reported that the exchange had lost $234.9 million in crypto assets. Meanwhile, Lookonchain, another reputable crypto tracker platform, released more detailed statistics on the stolen assets. Per Lookonchain, SHIB was the most hit cryptocurrency, with 5.43 trillion tokens worth roughly $102 million moved to a mysterious wallet. Other affected cryptocurrencies were Ethereum, MATIC, PEPE, USDT, GALA, etc.

While the Stolen SHIB tokens were worth over $100 million, other affected crypto assets cost less than $10 million, except ETH and MATIC. The ETH and MATIC tokens were worth $52.5 million and $11.24 million respectively.

Shiba Inu’s Price Suffers Major Dip

Following the security compromise, Shiba Inu’s price has been recording price declines despite showing signs of an upward trajectory in recent days. At the time of writing, SHIB had dropped 8.7% in 24 hours, trading at around $0.0000172. Notedly, Shiba Inu’s minimum and maximum price ranges fell between $0.00001697 and $0.000019, respectively, underscoring a marked sudden plunge in 24 hours.

In its 14-day-to-date and month-to-date variables, SHIB recorded spikes of about 4.4% and 12.9%, respectively, corroborating initial price recovery claims. Other relevant statistics revealed that SHIB’s trading volume has surged tremendously by about 173.31% with a $1.198 trillion valuation. The token is the thirteenth most valuable digital asset with a $10.104 billion market capitalization.

Technical Analysis Reveals Downward Trajectory Toward Support

Following the security incident on Wazirx, SHIB has been displaying a downward trajectory, evidenced by an analysis chart. According to the technical analysis findings, the downtrend could result in Shiba Inu hitting $0.00001671 as support.

Meanwhile, the declines could be transient, implying that SHIB’s price might correct shortly and swing in the opposite direction. If such happens, the canine-themed token will be nursing the prospect of breaking above $0.00001767. Eventually, a massive price surge could ensue once SHIB breaches $0.00001997.

On the other hand, a persistent bearish outlook will likely result in SHIB dropping significantly, with $0.00001301 as support. While SHIB holders will hope that the decline is transient, keeping an open mind remains crucial to staying profitable. Conversely, attempting to panic sell because of fear could result in regrets in the long run.