- Shiba Inu (SHIB) has shown a 7% price increase following a recent liquidity run, despite a major security breach on Indodax resulting in the theft of $22 million and 9 billion SHIB tokens.
- Whale activity has surged, contributing to potential further gains, though resistance levels and market volatility remain key factors.
Shiba Inu (SHIB) has been riding a wave of price action recently, showing resilience and potential for extended gains. Over the last four days, SHIB has demonstrated notable strength, recovering from recent liquidity runs and signaling bullish prospects. However, this uptick comes amidst alarming news: Indodax, a major cryptocurrency exchange, suffered a significant hack resulting in the theft of $22 million worth of digital assets, including a staggering 9 billion SHIB tokens.
Halo Member INDODAX,
— indodax (@indodax) September 11, 2024
Kami ingin menginformasikan bahwa team security kami menemukan potensi indikasi keamanan pada platform kami.
Saat ini, kami sedang melakukan pemeliharaan menyeluruh untuk memastikan seluruh sistem beroperasi dengan baik. Selama proses pemeliharaan ini,… pic.twitter.com/kYAc6ilERF
Market Reactions to the Indodax Hack
The hack has caused a stir in the crypto community, casting a shadow over the security of major exchanges. Indodax, a leading exchange in Indonesia with 5 million users, confirmed the breach and has temporarily shut down its website and app for necessary updates. The stolen SHIB tokens, along with other cryptocurrencies like Bitcoin and Ethereum, have raised concerns about the broader impact on SHIB’s price and market confidence.
Liquidity Runs and Whale Activity
In the wake of this news, SHIB’s price action has been influenced by recent liquidity runs, with significant volatility observed between August 22-26 and September 5-8. Liquidity runs occur when asset prices rapidly traverse key levels due to substantial buying or selling pressure, often creating trading opportunities. For SHIB, these runs have sparked increased volatility, which, while unsettling, also presents potential for substantial price movements.
Data from IntoTheBlock reveals a 367% surge in whale activity, with large transactions totaling 3.21 trillion SHIB ($43.52 million) in the past day. This spike suggests that large holders are actively engaging with SHIB, potentially buying in after recent corrections. Additionally, a 164% increase in large holder inflows on September 9 indicates that whales are capitalizing on current market conditions.
Price Prediction and Market Sentiment
Despite the recent volatility, SHIB’s price has been relatively steady, trading at $0.00001321, down 1.4% in the last 24 hours. The asset’s price action reveals an 8% potential move to $0.00001450 if it can maintain its current uptrend. However, resistance around $0.00001360 poses a challenge, and increasing volatility could either break this level or push the price lower.
If SHIB fails to stay above $0.00001310, a decline to $0.00001270 might occur, potentially invalidating the current bullish outlook. A further drop could lead to a head-and-shoulders pattern, potentially pushing SHIB as low as $0.00001.
As the market absorbs the fallout from the Indodax hack and reacts to SHIB’s price movements, investors should remain vigilant about potential price swings and market developments.
