Shiba Inu resists selling pressure from sale of 94 billion SHIB tokens by Poly Network hackers
- Shiba Inu price sustained above $0.00000759 despite mass SHIB token sale by hackers of DeFi platform Poly Network.
- Upwards of 94 billion SHIB tokens were sold by Poly Network hackers, increasing the selling pressure on the meme coin.
- Shiba Inu burn rate doubled over the weekend, supporting SHIB price recovery against the selling pressure.
DeFi platform Poly Network was attacked for the second time within a two year timeframe. Early today, the platform announced that it was suspending all activity and investigating the hack. Based on data from Lookonchain, a crypto intelligence tracker, hackers sold large volumes of SHIB in exchange for Ether.
Shiba Inu price sustained above the $0.00000759 level, despite the mass sell-off. SHIB price continued its recovery, unaffected by the 94 billion token sale.
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Shiba Inu sustains above $0.00000759 despite selling pressure
Shiba Inu, Dogecoin’s largest meme coin competitor, sustained above $0.00000759 despite the mass sell-off of SHIB tokens early on July 2. The DeFi platform Poly Network was attacked by hackers. The entity sold 94 billion SHIB tokens for Ether.
Lookonchain shared details of the transaction in a tweet early today. However, despite the sell-off, Shiba Inu price resisted a pullback or correction in the 24 hour timeframe.
It seems that #PolyNetwork was attacked again, hackers minted a lot of assets.
— Lookonchain (@lookonchain) July 2, 2023
Hackers have sold 94B $SHIB for 360 $ETH, 495M $COOK for 16 $ETH and 15M $RFuel for 27 $ETH.
And we noticed that hackers are transferring assets and 1 $ETH to new wallets, most likely for sale. pic.twitter.com/a8eqbgy1Vm
At the time of writing, Shiba Inu price is $0.00000759.
A key factor that contributed to the resilience of Shiba Inu’s recovery is the “burn rate.” Burn rate is the rate at which SHIB tokens are destroyed or pulled out of circulation. It is displayed on the Shibburn portal.
Based on data from this portal, Shiba Inu burn rate doubled over the weekend. This supported a thesis for recovery in SHIB price. The Dogecoin-killer therefore resisted the sell-off across crypto exchange platforms. SHIB burn rate is up 135% on the 24-hour timeframe, with 18.3 million Shiba Inu tokens pulled out of the meme coin’s circulating supply since July 1.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
