5 Trillion SHIB Stolen in WazirX Hack: Shiba Inu Price Prediction
The Shiba Inu price has dived by 11% in the past 24 hours, dropping to $0.00001707 after criminals stole 5.4 trillion SHIB as part of a $234 million hack of Indian exchange WazirX.
SHIB is down by 2% in an hour, although the meme coin has held on to a 2% increase in a week and an 11% gain in a fortnight.
The possibility that the hackers will dump their SHIB raises the threat that the altcoin could suffer further losses in the near future.
However, it seems that the perpetrators have so far been selling Shiba Inu in a more piecemeal fashion, so the damage may be modest, while the coin is likely to bounce back strongly soon after.
SHIB’s chart shows there has been a big rush to sell-off the meme token, with the aforementioned hackers shifting around $20 million in the token already.
More pain could come in the very near future, yet it’s clear that the coin is now in a massively oversold position, which implies strong comeback.
For instance, its relative strength index (purple) has slumped to 20, meaning that a rebound is all but inevitable in the not-too-distant future.
Such a rebound may not come, however, until the 30-day moving (orange) falls below the 200-day (blue), which is usually the sign that a coin has bottomed out.
Some may fear that the WazirX hackers will soon dump all of their SHIB, yet observers have already noted that they may prefer to sell their holdings more steadily, so as not to tank the price.
If the hacker really wants to optimize his execution, he would have to sell VERY slowly
I don't think he will be that patient
— VIKTOR (@thedefivillain) July 18, 2024
At the same time, it’s not a foregone conclusion that the hackers will be able to sell their SHIB at a more practical level, given that security analysts and
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