The trading volume of Shiba Inu (SHIB) has soared by 145% over the past 24 hours, according to recent market data. CoinMarketCap reports that this surge in volume amounts to $1.14 billion, or 65.92 trillion SHIB, as the market closely monitors SHIB’s price action for signs of recovery.
Despite this spike in trading volume, SHIB’s price fell by more than 11% in yesterday’s trading session, reaching lows of $0.00001679. This decline was triggered by a hacking incident at the India-based crypto exchange WazirX. On Thursday, WazirX suffered a security breach in one of its multisig wallets, resulting in the loss of nearly $100 million in SHIB and $52 million in Ethereum, among other assets.
Blockchain data sources indicate that the WazirX exploiter has sold all of the 5.43 trillion SHIB stolen from the exchange for 26,535 ETH, worth approximately $92 million. However, there is a silver lining for SHIB’s price. Lookonchain reports that market makers such as Wintermute bought SHIB from decentralized exchanges (DEX) and deposited it on exchanges to sell for arbitrage, which helped mitigate the price drop.
As SHIB looks to recover, analysts and traders are keeping a close eye on its price action. An increase in trading volumes often suggests investor positioning, and the substantial rise in SHIB’s trading volume might indicate upcoming price movements. A sustained increase in volume combined with significant buying pressure could lead to a price rebound.
Currently, SHIB is trading down 3.43% in the last 24 hours to $0.00001713, marking its third consecutive day of decline. However, a relief rally could be on the horizon if bears take a breather. For a bullish comeback, SHIB needs to sustain a break above the daily moving averages at $0.00001929 (50-day) and $0.00001970 (200-day). On the downside, intermediate support is envisaged at $0.0000147, which is crucial to hold to prevent further declines.