Shiba Inu’s trading volume surged by 145% following a significant market hack, with SHIB price aiming for recovery despite recent declines.
Points
- Shiba Inu’s trading volume increased by 145% in 24 hours.
- The surge follows the WazirX hack and subsequent liquidation of SHIB.
- SHIB price affected by the hack but showing signs of recovery.
- Increased trading volume suggests potential price movement.
- Key resistance levels identified for SHIB’s recovery.
Shiba Inu （SHIB） has seen a dramatic surge in trading volume, rising by 145% over the past 24 hours. This spike in volume comes in the wake of the recent hacking incident at the India-based crypto exchange WazirX, which resulted in the loss of nearly $100 million in SHIB tokens.
According to CoinMarketCap data, SHIB’s 24-hour trading volume reached $1.14 billion, equivalent to 65.92 trillion SHIB. Despite the initial price drop due to the hack, SHIB has shown resilience, with its price currently trading at $0.00001713, down 3.43% over the last 24 hours.
The WazirX exploiter sold all 5.43 trillion SHIB tokens for 26,535 ETH, worth $92 million. Market makers such as Wintermute bought SHIB from decentralized exchanges and deposited it to centralized exchanges for arbitrage, mitigating the price drop’s severity.
The substantial increase in trading volume indicates investor positioning and could be a precursor to significant price movements. Analysts and traders are closely monitoring SHIB’s price action, looking for signs of a recovery. A sustained increase in volume, combined with significant buying pressure, could lead to a price comeback.
To achieve a bullish comeback, SHIB needs to break above the daily moving averages of 50 and 200 at $0.00001929 and $0.00001970, respectively. Intermediate support is expected at $0.0000147, which is crucial for preventing further declines.
解説
解説
- The surge in SHIB’s trading volume highlights market participants’ reactions to security breaches and their strategies to mitigate losses.
- The active involvement of market makers in stabilizing prices post-hack underscores their crucial role in maintaining market equilibrium.
- Key resistance levels identified at $0.00001929 and $0.00001970 will be critical for SHIB’s price recovery. Breaking these levels could lead to a sustained uptrend.
- Investors should closely monitor trading volumes and whale activities to anticipate potential price movements and make informed decisions.