Shiba Inu Skyrockets 145% in Volume as SHIB Price Eyes Recovery

Shiba Inu （SHIB） sees a significant surge in trading volume, indicating potential price recovery despite a recent decline caused by a security breach at WazirX.

Points

• Shiba Inu’s trading volume surged by 145%.
• The price fell due to a security breach at WazirX.
• SHIB prices are stabilizing and eyeing recovery.
• Market makers helped mitigate the price drop.

Shiba Inu （SHIB） has witnessed an impressive 145% increase in trading volume over the past 24 hours, according to recent market data from CoinMarketCap. This surge equates to $1.14 billion, or 65.92 trillion SHIB, marking a significant turnaround for the dog-themed cryptocurrency.

The SHIB price experienced a steep decline of over 11% in the previous trading session, hitting lows of $0.00001679. This drop was largely attributed to a security breach at the India-based crypto exchange WazirX. On Thursday, WazirX faced a significant security breach in one of its multisig wallets, resulting in the loss of nearly $100 million in Shiba Inu and $52 million in Ethereum, among other assets.

Blockchain data sources indicate that the WazirX exploiter has already sold all the stolen SHIB. According to Lookonchain, the exploiter converted 5.43 trillion SHIB into 26,535 ETH, worth $92 million. Interestingly, market makers like Wintermute bought SHIB from decentralized exchanges （DEX） and sold it on centralized exchanges for arbitrage, which helped prevent a severe price drop.

Despite the recent sell-off, SHIB is showing signs of recovery. The substantial increase in trading volume often signals investor positioning, suggesting that SHIB might be poised for a price rebound. Analysts and traders are closely monitoring the price action, looking for a sustained break above the 50 and 200 daily moving averages, currently at $0.00001929 and $0.00001970, respectively. Holding these levels could signal a bullish comeback. Conversely, further declines could find support at $0.0000147, a critical level to prevent more significant losses.

解説

• Large Transactions: A significant increase in large transactions often indicates heightened interest and potential price movement. The 145% surge in SHIB trading volume suggests that investors are positioning themselves for a possible price recovery.
• Market Maker Intervention: Market makers play a crucial role in maintaining liquidity and stabilizing prices. In this case, their actions helped mitigate the impact of the large sell-off, highlighting their importance in the crypto market.
• Support and Resistance Levels: Technical analysis