Shiba Inu (SHIB) Market Cap Drops $1B After Hack on Indian Crypto Exchange, Will SHIB Keep Falling?

Shiba Inu (SHIB) took a deep slide on Thursday after a major attack on an Indian crypto exchange and massive token transfers hurt investor sentiments.

Shiba Inu (SHIB) price took a deep slide on Thursday following a major crypto exchange hack in India and massive token transfers that hurt investor sentiments.

Over $102 million worth of SHIB tokens were moved from the WazirX exchange, data from on-chain intelligence tracker Arkham showed. SHIB faced a massive sell-off as traders panicked and the exploiter offloaded the assets. At press time, the Shiba Inu price had decreased by over 8% for the day.

WazirX Hack Drained SHIB, Pepe

The amount of SHIB taken out of the WazirX wallet in the hacking incident — which also involved Pepe, Ether and other cryptocurrencies — is the largest cryptocurrency movement in terms of USD.

One of the biggest meme coins in the cryptocurrency space, Shiba Inu saw a sharp decline early on Thursday following a hack on the Indian cryptocurrency exchange.

The cryptocurrency exchange platform WazirX reported withdrawals of over $230 million in the early hours of Thursday in Europe. The security breach, which drained one of its wallets, resulted in users losing their funds.

SHIB Price Prediction for August

Due to the ongoing weakness in the sentiments for SHIB, in the upcoming month, the price of Shiba Inu is expected to decrease by 3.92% to $0.00001662.

Technical indicators show that the current mood for the coin is bearish, and the Fear & Greed Index is currently reading 61 (Greed).

Over the previous 30 days, Shiba Inu had 15 out of 30 (or 50%) green days and 6.30% price volatility.

Data also suggests that there is widespread bearish sentiment for Shiba Inu price prediction with 14 technical analysis indicators indicating bullish signs, while 19 indicate bearish signals.

The 200-day SMA for Shiba Inu will grow during the upcoming month and reach $0.00002146 by August 17, 2024. During the same time, Shiba Inu's short-term 50-day SMA is predicted to reach $0.00001977.

The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). The SHIB market is neutral at the moment, as indicated by the RSI figure of 52.74.

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