Shiba inu

Shiba Inu price forecast as SHIB faces pressure to sell 94 billion tokens following Poly Network exploit

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The price of Shiba Inu (SHIB) declined by a negligible 1%, which is a remarkable feat considering the selling pressure of the billions of SHIB tokens that were sold over the past 24 hours. Mem Coin has remained above an important support level, indicating that the network’s token burn mechanism is at work.

PolyNetwork Hacked, Shiba Inu, BNB and BUSD Tokens Looted

In a recent announcement, decentralized finance platform Poly Network revealed a major exploit. Bad actors siphoned off 94 billion Shiba Inu tokens based on the announcement.

The hackers took advantage of the smart contract functionality of the bridge tool of the cross-chain protocol Poly Network. This feature allows users to swap tokens from one blockchain to another through smart contracts. To do this, it locks up value on one network and then releases it on the next network. With this move, they managed to mint 24 billion Binance USD (BUSD) and Binance Coin (BNB) on the Metis blockchain.

Other exploits include minting 999 trillion SHIB tokens on the Heko blockchain, and millions more on Avalanche, Polygon, and several other outlets. This attack alone could have looted over $42 billion in exploiters’ wallets.

Yet, in a dramatic turn of events, liquidity crunch prevented the bad actors from monetizing the bulk of the loot. Metis developers confirmed this dilemma, citing a lack of “available selling liquidity” for BNB and BUSD. It is noteworthy that the Metis blockchain has locked tokens created on the network.

Exchange 94B Shiba Inu Tokens for Ethereum

While Binance Coin and Binance USD escaped the selling pressure due to lack of liquidity, Shiba Inu did not. Reportedly, exploiters found liquidity for Mem coin, exchanging 94 billion for 360 ether (ETH). He also exchanged 495 million COOK tokens for 16 ETH and 15 million RFuel for 27 ETH. The LookOnchain analytics platform confirmed these figures in a post after confirming that exploiters were moving assets ready for sale to new wallets.

Amidst the exploits, Binance CEO Changpeng Zhao remarked on an achievement for freeing his exchange from any risk. Assuring users that they are unaffected, CZ clarified that Binance does not accept deposits from the Poly network.

94 billion Shiba Inu tokens instead of 360 billion represents huge selling pressure. While this should have weighed on SHIB, causing a drop in market value, it did not! Experts attribute this to the existing token burn mechanism.

According to the SHIB burn tracker, approximately 19.5 million Shiba Inu tokens were burned in the last 24 hours. This shows an increase of 151.2% from the previous day. Specifically, in the last hour at press time the network burned 1.18 SHIB tokens in a single transaction.

For the sake of clarity, token burning is a mechanism that aims to reduce the supply of an asset. The tokens are moved to a frozen private address, making them untraceable.

Shiba Inu forecasts SHIB to remain above $0.00000720

Shiba Inu (SHIB) price has resisted selling pressure against 94 billion coins mined for Ethereum. The coin remained above the $0.00000720 support for the twelfth day. While all signs point to burn rate being a factor, momentum indicators also give credit to the SHIB bulls.

The Relative Strength Index (RSI) is not turning south, while the Oscillators (AO) histogram is green. This reveals buyer momentum, which helps to sustain the Shiba Inu price.

An increase in buying pressure from the current price of $0.00000757 could increase the Shiba Inu market price. The uptrend could tag Mem Coin to the 50-day exponential moving average (EMA) at $0.00000803. Further north, Dogecoin (DOGE) could break the killer 100-day EMA at $0.00000883 and face the resistance at $0.00000917.

In case of extreme bullish momentum, the Shiba Inu price could continue to move north, tagging the 200-day EMA at $0.00000980. Such a move represents an increase of 30% from the current level. A decisive turn of this barrier into support will pave the way for more gains, potentially breaking the $0.00001000 area.

Trading View: SHIB/USDT 1-Day Chart

Conversely, early profit-taking by investors who had made losses during the June 28 fall may hamper the rally. On the day, the Shiba Inu price fell nearly 10% to an intra-day low of $0.00000702 before recovering 6%.

The upcoming selling pressure could lead the Shiba Inu price below the important support at $0.00000702. In a critical situation, the altcoin could move south towards the $0.00000652 support. Worse, SHIB could drop further lower to gather buy side liquidity as indicated by the red candlestick wick for June 10 trading session.

Note that the RSI is still below 50, indicating weak price strength. Similarly, the AO was still negative, which showed that the bears were in profit. They lend credibility to the negative side.

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While Shiba Inu price struggles to stay above critical support, consider CHMPZ, the ticker of the chimp ecosystem.

The Chimp Project empowers users to make a positive impact by saving the environment and animals while earning an income. It presents itself as a revolutionary Web3 project ready to disrupt the cryptocurrency industry.

The working mechanism of the project empowers more people to contribute towards the vision of saving the environment and animals from extinction. For this purpose, it provides three ways of earning: Earning from shop, Earning from business and Earning from game. These are from Chimpzy Shoppe, NFT Marketplace, and Zero Tolerance Games.

The project, while still in the presale stage, is poised to earn a place among projects set to make an impact. So far, Chimpzy has raised 668,956 USDT from the initial sale of CHMPZ tokens. This is over 50% of the 1.1 million target of the current presale phase. With the countdown to the next phase underway, users only have five days to buy CHMPZ at $0.00067.

This represents a discount of 4.47% which will make a big difference once the token is listed.

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