Shiba Inu Sees 1.4 Trillion Drop in SHIB in 24 Hours
Shiba Inu's recent on-chain activity showed a dramatic drop from 50 trillion SHIB to 1.4 trillion SHIB in 24 hours. The aftermath of the WazirX hack and market intervention by Wintermute played crucial roles in stabilizing the market.

Shiba Inu's (SHIB) on-chain activity has been nothing short of volatile recently. Just days after a staggering 50 trillion SHIB transaction. The cryptocurrency saw a sharp drop to 1.4 trillion SHIB in transactional volume over the past 24 hours. What caused this dramatic shift?
The WazirX exchange hack was a major factor behind the massive 50 trillion SHIB transaction. In the aftermath, a significant amount of SHIB was dumped onto the market. This raised concerns about a potential price drop. Did this incident affect SHIB's price as feared?
Market makers like Wintermute played a critical role in mitigating the impact. They intervened by purchasing SHIB from decentralized exchanges. Then depositing it into centralized exchanges for arbitrage purposes. This stabilization effort limited the potential negative effects on SHIB's price.
The drop to 1.4 trillion SHIB in transactional volume could indicate that the initial panic has subsided. Have the whales, or large SHIB holders completed their transactions? Or are they simply waiting to make their next move?
Despite initial fears of a significant price drop, SHIB managed to hold its support levels around $0.00001778. This price stability suggests strong market support. The market absorbed the excess liquidity without a major correction. Will SHIB maintain this stability?
An analysis of transactional data reveals a sharp decline in large transactions. This aligns with the overall volume decrease. This trend may continue in the near term. The market steadies and investor confidence grows. However, maintaining current support levels will be crucial for SHIB to prevent further volatility.
In summary, while SHIB's transactional volume saw a dramatic decline, the market's ability to stabilize and absorb the excess liquidity has demonstrated the strength of its support. As the market settles the focus will be on whether SHIB can maintain its current stability and avoid further significant fluctuations.
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