Shiba Inu Price at Risk as WazirX Hacker Launders $100M in Stolen Crypto
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Shiba Inu price has risen by 1% in the past 24 hours, climbing to $0.00001336 after the WazirX hacker moved $23.3m in Ethereum this week.
The perpetrator of the July WazirX hack currently holds over $118m in crypto, having converted their original haul of SHIB to ETH.
This conversion leaves Shiba Inu in a stronger position than it was a couple of months ago, although the meme coin is down by 5% in a fortnight and by 2% in a month.
However, SHIB remains up by 82% in a year, and with the token’s fundamentals as strong as ever, it may see a strong end to the year.
Shiba Inn’s price and indicators have been wavering for several weeks now, leaving the coin in a position where it could just as easily fall some more as recover.
Its relative strength index, for example, stands at 50 today, having risen from 35 yesterday but struggled to rise any higher than 60.
Likewise, SHIB’s 30-period moving average (orange) has just about risen above its 200-period average (blue) today, but this isn’t necessarily a sign that a big jump is coming.
That’s because it rose above the 200-period average only a few days ago, only to fall back below it within a day.
As such, SHIB remains within a period of uncertainty and relative weakness, which the WazirX hack kicked off back in July.
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