Shiba Inu crushed by 5 trillion SHIB transfer, $230 million WazirX hack

• Shiba Inu erased 8% of its value on Thursday as CryptoQuant noted a transfer of over 5 trillion SHIB to exchanges. 
• WazirX hacker sold over $100 million in SHIB following the exploit, early on Thursday. 
• SHIB trades at $0.00001711, as the meme coin crumbles under selling pressure. 

Shiba Inu (SHIB), one of the largest meme coins in the crypto ecosystem suffered a steep correction early on Thursday, following a hack on an Indian crypto exchange. 

Data from on-chain intelligence tracker Arkham shows that WazirX exchange was exploited for over $102 million in SHIB tokens. Amidst panic selling from traders and the exploiter offloading the assets, SHIB faced a mass sell-off. 

Shiba Inu lost 8% value on the day, at the time of writing. 

Shiba Inu succumbs to mass sell-off

Shiba Inu faced an intense sell-off as over 5 trillion SHIB tokens were moved to crypto exchanges within hours, on Thursday, July 18. Data from on-chain tracker CryptoQuant shows mass transfer of SHIB to exchanges. 

Typically, a large volume of an asset hitting exchange wallets is considered bearish, since it implies there is a higher volume of the token to sell. 

The transfers were likely panic selling by crypto traders in response to the WazirX exchange exploiter offloading their SHIB holdings. Arkham Intelligence data shows that the hacker sold over $102 million in Shiba Inu tokens from the exploit, per information available on-chain. 

Shiba Inu trades at $0.00001711 at the time of writing. 

More information on the WazirX hack by the analyst behind the X handle @zachxbt. 

The hacker holds over $4.7 million in FLOKI tokens. FLOKI erased nearly 5% of its value on the day, trades at $0.00017098, at the time of writing.