Why is the SHIB Price Falling?

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In the last few hours, Shiba Inu’s (SHIB) price has lost over 10.6% in value, falling to approximately $0.00001737. This significant drop in SHIB’s price suggests the attacker is offloading their holdings, putting downward pressure on its market value as they still holds nearly 5.43 trillion SHIB tokens, as per Blockchain data.

Attacker Offloading Shib Tokens

WazirX, India’s largest digital asset exchange, fell victim to a major security breach where hackers exploited vulnerabilities in the platform’s multisig wallets. The attack resulted in the theft of over $230 million worth of various cryptocurrencies, including SHIB, PEPE, Ethereum, and Fantom.

Meanwhile, Blockchain data reveals that the attacker responsible for the security breach holds a staggering 5.43 trillion SHIB tokens, valued at nearly $100 million.

This substantial holding suggests that the ongoing sell-off by the attacker is putting significant downward pressure on SHIB’s market value.

Will SHIB Continue It’s Fall?

As of now, Shiba Inu’s price is down by 10.72%, trading at $0.00001738. Over the last 24 hours, its price dropped from $0.00001906. The recent price drop in SHIB coincides with broader market speculations surrounding the recovery prospects of affected cryptocurrencies

Despite a notable increase in the burn rate of SHIB tokens today, amounting to an 874% surge, the market sentiment remains bearish. 

However, the Relative Strength Index (RSI) for SHIB stands at 53, indicating neutral territory but reflecting cautious investor sentiment.