The hack-induced FUD led to a significant decline in SHIB’s price, plummeting 46% between July 17 and August 5. The mass exodus of existing holders and the hesitancy of new entrants exacerbated the situation, as the market feared a massive sell-off by the hackers.
However, as the dust begins to settle and positive developments emerge surrounding the WazirX case, SHIB has started to experience an upward trend. From August 5, SHIB rallied 33% in just three days, only to encounter resistance at $0.000014, which led to a brief two-day consolidation.
But SHIB has now extended the rally by another 3% as it rose as high $0.0000144 at the time of publication on Aug 11. The milestone breakout above the $0.000014 level on August 11 could signify the beginning of a new bullish cycle for SHIB.
SHIB Price Surges 36% Despite Subdued Trading Volume
Shiba Inu price has been deeply impacted by the WazirX hack, especially since the exchange is one of the most active platforms for trading SHIB. The hack led to a significant decrease in liquidity, with SHIB’s market volume plummeting from a peak of $53 million on July 19 to approximately $25 million by August 5.
Trading volume is a crucial metric that provides insights into market liquidity and the aggregate investor response to specific price trends. Between August 5 and August 11, despite a 36% increase in SHIB’s price, the trading volume continued to decline, dropping from $25.48 million to $23.23 million.
