Shiba Inu (SHIB) Price Plummets After Major WazirX Exchange Hack

This morning, SHIB price dropped a little below what it was, it shed up to 7% of it’s value at some point. Able to recover part of the losses since then, tension remained as the whole market is currently in a state of contraction.

The Main Reason Behind Shiba Inu’s Decline Today

Just a few hours ago, the most popular cryptocurrency exchange in India; WazirX announced that its one of the multi-signature wallets is hacked. Such a loss can be estimated only to be more than a mere $230 million.

“One of the multisig wallets was under a cyber attack in which the funds loss was more than $230 million, though the wallet was operated using Liminal’s digital asset custody and wallet services starting from February, 2023.

Out of that user base, $100 million of that was in SHIB tokens, which seemed to be the primary cause of the dip from earlier today.

For this reason, the tokens which are appropriate for trading on WazirX including SHIB, BTC and even the USDT stablecoin were trading at a considerable discount against the INR even in comparison to the global prices of such tokens and even the local Indian prices. This implies that the company has issues with its liquidity and this means that there is selling pressure on the company’s stock.

What’s Next for the SHIB Price?

As CryptoTelegraphs Other relevant figures although found to be up dramatically as reported by Cryptotelegraphs. com earlier today, the price of Z/

ZEC, has however crashed.

For example, the burn rate rose 450%; the volatility of the situation was most certainly to blame for this outcome. However, it results in more SHIB tokens moving out of the circulating supply, which is beneficial to the rest of the coins in regard to their price.

At the same time, whales of the Shiba Inu coin are also in the buying mood. From IntoTheBlock, it was indicated that the total transaction value for larger transactions exceeding $100K hit $900 million; this is a 1800% rise.

Other indicators appended to the protocol’s Ethereum layer-two scaling solution – Shibarium are also on an incline.

In a nutshell, Shiba Inu appears not to be completely disoriented despite the numerous disturbances created by the WazirX issue. For more updates, please check out our [Shibarium news](https://(www. cryptotelegraphs. com).

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