Shiba Inu, a popular cryptocurrency, experienced a significant drop in value today, losing around 7% of its price before recovering slightly. The reason behind this decline was a cyber attack on WazirX, a leading cryptocurrency exchange in India, where a multisig wallet was compromised, resulting in a loss of over $230 million. Of that amount, $100 million was in SHIB tokens, which contributed to the price drop.
As a result of this attack, tokens listed on WazirX, including SHIB, BTC, and USDT, were trading at a discount compared to their global and local prices, indicating liquidity issues and increased selling pressure. Despite this setback, some positive metrics for Shiba Inu emerged. The burn rate increased by 450%, leading to more SHIB tokens being removed from circulation, which can be beneficial for the remaining coins in terms of price.
Additionally, Shiba Inu whales have been active in the market, with the daily transaction volume for amounts over $100K rising to $900 million, marking an 1800% increase. Metrics related to the protocol’s Ethereum layer-two scaling solution, Shibarium, are also showing positive trends.
Overall, Shiba Inu appears to be resilient in the face of the WazirX incident, with fundamental aspects of the cryptocurrency remaining strong. For more updates on Shiba Inu and Shibarium, stay tuned for the latest news.