Shiba Inu (SHIB) Price Surges Despite Sell-Off, Sustainability Questioned

Shiba Inu (SHIB) Price Surges Amid High Trading Activity, Linked to Poly Network Attack

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Shiba Inu (SHIB), a popular meme coin, has experienced a surge in its price with a lot of trading activity. Despite many people selling their SHIB tokens, the price has stayed above $0.000007679 and even increased by around 1.5%. This shows that SHIB is bouncing back and staying strong, even after a large sale of 94 billion tokens.

Poly Network, a decentralized finance platform, has been attacked for the second time in two years. As a result, the platform has temporarily stopped all activities while they investigate the hack. Lookonchain, a crypto intelligence tracker, has reported that the hackers sold a large amount of SHIB tokens in exchange for Ether.

Despite the security breach at Poly Network, the SHIB meme coin has attracted a lot of attention from traders, leading to a surge in its price and sustained trading volumes. Currently, the price of Shiba Inu is $0.000007675, and its trading volume in the past 24 hours exceeded $166 million, showing a significant increase of around 33%.

Additionally, the burn rate of Shiba Inu tokens has increased by 7.74% in the last 24 hours and 80% in the past week, indicating a growing interest in the coin.

Shiba Inu (SHIB) Price Chart (Source: CoinMarketCap)

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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