Hackers dealt a major blow to the Shiba Inu community recently, stealing over $230 million including a substantial amount of SHIB from India’s largest cryptocurrency exchange.
However, the community has remained defiant in this turmoil, as Lucie (@LucieSHIB), a SHIB marketing lead, has shared an uplifting message with the community.
Times Tabloid reported after the incident that SHIB was the largest asset, in dollar terms, stolen from WazirX. The attackers made off with 5.43 trillion SHIB, amounting to $102.1 million. Afterward, they liquidated all 5.43 trillion SHIB for Ethereum, valued at about $92 million. This drastically affected the token causing its value to have an 8.85% decline in under 24 hours.
Can Shiba Inu (SHIB) Survive this Crisis?
In her post, Lucie encourages the distraught investors to maintain composure and continue to trust in SHIB. She emphasized that Shiba Inu possesses distinctive characteristics that distinguish it from other cryptocurrencies. She wrote, “As I said, ‘Don’t panic.’ SHIB is a different caliber. We will withstand any hurricane, and we will reach our goals.”
She is confident in the meme coin’s ability to achieve its long-term objectives despite short-term fluctuations, and many other analysts share this sentiment.
Lucie also pointed out that the decline caused by the incident was not significant. She cited Lookonchain, a prominent crypto analytics and tracking platform on X, as her source. Lookonchain reported that SHIB’s price remained relatively stable.
This was attributed to market makers buying the tokens from cheaper markets and selling them where the price was higher. This strategic move helped stabilize SHIB’s price, preventing a more severe downturn and instilling hope among investors.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
SHIB’s Slow Recovery
SHIB has climbed from its 24-hour low of $0.00001686 to its current price of $0.00001799, which has left some critics amazed at the meme coin’s swift recovery. This recovery also reinforces Lucie’s belief that Shiba Inu can continue its climb, and reach the targets many prominent analysts have set.
Significant burns over the past 24 hours also helped SHIB’s resurgence, as burns rose by more than 400%. However, this progress has stalled, and Shibburn shows that burns have reduced by 80.75% over the past 24 hours. If the burns continue, and SHIB continues its resurgence, it might reach a new all-time high in no time.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
