- Shiba Inu erased 8% of its value on Thursday as CryptoQuant noted a transfer of over 5 trillion SHIB to exchanges.
- WazirX hacker sold over $100 million in SHIB following the exploit, early on Thursday.
- SHIB trades at $0.00001711, as the meme coin crumbles under selling pressure.
Shiba Inu (SHIB), one of the largest meme coins in the crypto ecosystem suffered a steep correction early on Thursday, following a hack on an Indian crypto exchange.
Data from on-chain intelligence tracker Arkham shows that WazirX exchange was exploited for over $102 million in SHIB tokens. Amidst panic selling from traders and the exploiter offloading the assets, SHIB faced a mass sell-off.
Shiba Inu lost 8% value on the day, at the time of writing.
Shiba Inu succumbs to mass sell-off
Shiba Inu faced an intense sell-off as over 5 trillion SHIB tokens were moved to crypto exchanges within hours, on Thursday, July 18. Data from on-chain tracker CryptoQuant shows mass transfer of SHIB to exchanges.
Typically, a large volume of an asset hitting exchange wallets is considered bearish, since it implies there is a higher volume of the token to sell.
WazirX exchange was hacked today by ~$100 million in SHIB.
— Julio Moreno (@jjcmoreno) July 18, 2024
People are rushing into exchanges to sell.
More than 5 trillion SHIB have hit exchanges in the last hours. pic.twitter.com/Hwd3QU4hWv
The transfers were likely panic selling by crypto traders in response to the WazirX exchange exploiter offloading their SHIB holdings. Arkham Intelligence data shows that the hacker sold over $102 million in Shiba Inu tokens from the exploit, per information available on-chain.
UPDATE: The WazirX Hacker is out of SHIB.
— Arkham (@ArkhamIntel) July 18, 2024
$102.1M SHIB was stolen this morning from WazirX and has now been fully sold off by the attacker. pic.twitter.com/sjCSZJhdIv
Shiba Inu trades at $0.00001711 at the time of writing.
More information on the WazirX hack by the analyst behind the X handle @zachxbt.
1/ So I began tracing the $230M+ WazirX hack back from the original exploiter address and was able to make some interesting observations. https://t.co/gLHu05sXWZ pic.twitter.com/eFRNdLtACB
— ZachXBT (@zachxbt) July 18, 2024
The hacker holds over $4.7 million in FLOKI tokens. FLOKI erased nearly 5% of its value on the day, trades at $0.00017098, at the time of writing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.