Gairika Mitra
Within a few hours of the WazirX security breach, popular dog-themed altcoin Shiba Inu (SHIB) has taken a nosedive, plummeting to 7.3% as of press time. The significant decrease in price may have been caused by the hacker selling off the stolen SHIB tokens.
However, the SHIB community is standing as robust as it seems. Lucie, Shiba Inu’s marketing lead, took to X to reveal that SHIB is “a different caliber,” nothing can stop it from reaching its goals, and it can withstand any hurricane.
She quoted the financial services platform Lookonchain. “WazirX Exploiter has sold all 5.43T $SHIB for 26,535 $ETH ($92M)!”
“Since market makers such as #Wintermute bought $SHIB from DEX and deposited it to exchanges to sell for arbitrage, the price drop of $SHIB was not serious,” said the Lookonchain post.
As of 1.40 p.m. EST, SHIB was trading at $0.00001737, with a 24-hour trading volume of $1,135,697,770, and a total supply of 999,982,348,135,632, CoinGecko data showed.
Kaal Dhairya, the Shiba Inu team’s top developer, also reposted an earlier tweet by Lucie, expressing his frustration over the ongoing crisis and offered words of encouragement to the Shib Army.
While recognizing the significance of the stolen SHIB amount, such sentiments from the Shiba Inu team encourage the community to see the price decrease as a buying opportunity and to remain calm.
Read More
- Shiba Inu Classified As A ‘Big Whale’ Investment With ‘Tech Stock’ Fundamentals Amid Predicted Super Cycle
- India’s WazirX Exchange Breached, Hacker Siphons Off $230M in Crypto
- Shiba Inu ‘Inevitable Bull Run’ Could Propel Prices Over 350% to Record Highs, Analysts Predict
Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
