The Shiba Inu price has faced a recent slowdown despite the recovery of Bitcoin and the overall crypto market. This drop can be attributed to various events that have impacted the meme coin’s value, resulting in a 10% decrease to test a new support level.<\/p>\n
Earlier this week, the Indian cryptocurrency exchange, WazirX, fell victim to a hack amounting to around $235 million. The breach led to the theft of several prominent cryptocurrencies, including major players like Polygon and Ethereum. However, the largest portion taken was in Shiba Inu coins.<\/p>\n
The stolen Ethereum tokens totaled $52.6 million, while Polygon tokens were $11 million, but the stolen Shiba Inu tokens amounted to a significant $96.7 million. This comes as no surprise as Shiba Inu has consistently been one of the most traded cryptocurrencies on the exchange.<\/p>\n
The popularity of the SHIB token on the WazirX platform played a crucial role in the substantial impact on the Shiba Inu price. With WazirX being a prominent exchange for SHIB trading, the hack instilled fear in investors about the potential actions of the hackers post-attack.<\/p>\n
Following the hack, the crypto market witnessed a downturn, though it swiftly recovered. Unfortunately, Shiba Inu had already fallen victim to bearish pressure and had experienced a 10% decline in value before the broader crypto market began its recovery.<\/p>\n
Despite the crypto market’s attempt to move past the WazirX hack, Shiba Inu’s price remains under significant strain. This is because the hackers started converting their ill-gotten gains into Ethereum.<\/p>\n
Most of the Shiba Inu tokens stolen in the hack have been liquidated and converted into Ethereum. According to Spot On Chain, a platform monitoring on-chain data, the hackers have converted $90.2 million worth of SHIB to ETH, along with $10.2 million in MATIC and $7.5 million in PEPE.<\/p>\n
Approximately $150 million has been converted to ETH, exerting immense downward pressure on the Shiba Inu price. The hacker’s account now holds 59,087 ETH valued at $201 million, along with smaller amounts in alternative coins like CHR, CELR, and OOKI.<\/p>\n
Currently, the Shiba Inu price is approaching a retest of the $0.000017 support level, which has remained resilient despite a 1.03% decrease in the last 24 hours.<\/p>\n
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The Shiba Inu price has faced a recent slowdown despite the recovery of Bitcoin and the overall crypto market. This drop can be attributed to various events that have impacted the meme coin’s value, resulting in a 10% decrease to test a new support level. Impact of WazirX Hack on Shiba Inu Earlier this week, […]<\/p>\n","protected":false},"author":1,"featured_media":16013,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"The Reason Behind the 10% Plunge in Shiba Inu Price to $0.000017 Amid Bitcoin's Recovery - Bitrabo","description":"The Shiba Inu price has faced a recent slowdown despite the recovery of Bitcoin and the overall crypto market. This drop can be attributed to various events tha"},"footnotes":""},"categories":[316],"tags":[448,682,585,6330,467,6331,1304,584,3358],"class_list":["post-16012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin","tag-heres","tag-inu","tag-plunged","tag-price","tag-price-plunged","tag-recovery","tag-shiba","tag-shiba-inu"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/16012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=16012"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/16012\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/16013"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=16012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=16012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=16012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}