Lucie, the marketing specialist of the Shiba Inu ecosystem, shares words of encouragement with community members following the massive plunge in SHIB’s price.
Recall that SHIB suffered a double-digit loss yesterday after hackers of India’s largest crypto exchange stole $230 million worth of digital assets, including SHIB.
As reported earlier, Shiba Inu represents the biggest asset by dollar value stolen from WazirX. Specifically, the attackers carted away 5,433,750,000,000 (5.43 trillion) SHIB worth $102.1 million. Shortly after the heist, the attackers sold all 5.43 trillion SHIB for 26,535 ETH tokens, valued at approximately $92 million.
This move negatively affected SHIB’s price, which plunged nearly 10% in yesterday’s daily chart. At the current exchange rate of $0.00001751, SHIB is down 7.3% over the past 24 hours.
SHIB to Withstand Any Hurricane
With investors feeling devastated, the marketing lead of the Shiba Inu ecosystem urged them to remain calm despite SHIB’s recent price action. Lucie suggested that Shiba Inu has unique traits that set it apart from other cryptocurrencies.
Furthermore, she expressed confidence in Shiba Inu’s ability to withstand any hurricane and actualize its long-term goals.
As I said, "Don’t panic."$SHIB is a different caliber.
We will withstand any hurricane, and we will reach our goals 😇
“ WazirX Exploiter has sold all 5.43T $SHIB for 26,535 $ETH($92M)!
Since market makers such as #Wintermute bought $SHIB from DEX and deposited it to…
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 18, 2024
Notably, the marketing lead cited an update from blockchain analytics firm Lookonchain regarding the SHIB tokens stolen from WazirX. The update confirmed that all 5.43 trillion tokens have been sold for ETH.
Despite the sale, Lookonchain stated that SHIB did not experience a significant price dip. This is because market makers like Wintermute purchased the tokens on decentralized exchanges and moved them to centralized exchanges for arbitrage.
WazirX Exploiter has sold all 5.43T $SHIB for 26,535 $ETH($92M)!
Since market makers such as #Wintermute bought $SHIB from DEX and deposited it to exchanges to sell for arbitrage, the price drop of $SHIB was not serious.https://t.co/BDQUOce2ly pic.twitter.com/8lHa2pRp2g
— Lookonchain (@lookonchain) July 18, 2024
SHIB Will Go Higher as Critics Underestimate It
Meanwhile, SHIB, which plunged to around $0.00001686 in the 24-hour chart, is trading above the $0.000017 price level. The dog-themed token witnessed a slight surge despite critics hinting that it could be difficult for SHIB to recover from WazirX’s heist.
Reacting, Lucie asserted that as more people underestimate SHIB’s prowess, its price will continue to increase
“The more they underestimate $SHIB, the higher it will go,” Lucie remarked.
The more they underestimate $SHIB, the higher it will go.
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 18, 2024
In the meantime, the heist has not discouraged community members from burning SHIB. Data from Shibburn shows that 48,604,444 (48.6 million) SHIBs were permanently removed from circulation via burns. Consequently, the asset’s daily burn rate surged by 454.08%.
The recent burn and other SHIB-related incineration are expected to bolster the token’s price in the future.