Lucie, the marketing specialist for the Shiba Inu ecosystem, encouraged community members after SHIB’s price plunged dramatically. SHIB suffered a significant loss when hackers stole $230 million worth of digital assets, including 5.43 trillion SHIB, from India’s largest crypto exchange, WazirX. The attackers then sold the stolen SHIB for 26,535 ETH tokens, valued at around $92 million.
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Impact On SHIB’s Price
This sale caused SHIB’s price to drop nearly 10% in one day. Currently, SHIB trades at $0.00001751, down 7.3% over the past 24 hours. Despite this downturn, Lucie urged investors to stay calm. She emphasized Shiba Inu’s unique traits, expressing confidence in its ability to withstand challenges and achieve long-term goals.
Blockchain analytics firm Lookonchain confirmed the hackers sold all 5.43 trillion SHIB for ETH. Nevertheless, SHIB did not experience a drastic price dip. Market makers like Wintermute bought the tokens on decentralized exchanges and moved them to centralized exchanges for arbitrage, stabilizing the price.
Critics Underestimate SHIB
Despite critics suggesting recovery might be difficult, SHIB showed resilience. The token, which had plunged to $0.00001686, is now trading above $0.000017. Lucie responded to critics by asserting that underestimating SHIB would lead to its price increasing further. “The more they underestimate $SHIB, the higher it will go,” Lucie remarked.
The WazirX heist did not deter community members from burning SHIB tokens. Data from Shibburn revealed that 48.6 million SHIB were permanently removed from circulation, boosting the daily burn rate by 454.08%.
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This recent burn, along with other SHIB incineration efforts, is expected to support the token’s price in the future. Lucie’s words of encouragement, combined with the community’s efforts, suggest a positive outlook for SHIB despite recent challenges.
As the Shiba Inu ecosystem continues to evolve, the token’s unique characteristics and strong community support may drive its long-term success.
