'Dogecoin Killer' Shiba Inu Down 8%: WazirX Exploiter Sells $92M In SHIB Amid $230M Hack
Portfolio Pulse from Murtuza Merchant
The Indian crypto exchange WazirX was hacked, resulting in losses exceeding $230 million. The exploiter sold 5.43 trillion SHIB for 26,535 ETH, valued at $92 million, causing an 8% drop in SHIB's price. WazirX has temporarily suspended withdrawals to safeguard user assets.
July 18, 2024 | 4:28 pm
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NEUTRAL IMPACT
The WazirX hack involved the sale of 26,535 ETH, valued at $92 million. Despite the large transaction, the impact on ETH's price is less direct compared to SHIB.
While a significant amount of ETH was involved in the hack, the direct impact on ETH's price is less pronounced compared to SHIB due to ETH's larger market cap and liquidity.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
Shiba Inu (SHIB) experienced an 8% price drop after the WazirX hack, where the exploiter sold $92 million worth of SHIB. Market makers mitigated the drop by buying SHIB for arbitrage.
The large sale of SHIB by the exploiter directly impacted its price, causing an 8% drop. Market makers' actions helped mitigate further decline, but the immediate impact remains negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100