By Ekta Mourya
Shiba Inu tokens are among the cryptocurrencies stolen in the largest DeFi hack in history. Despite the loss, traders still have a bullish outlook on SHIB price.
In the largest DeFi hack on Poly Network on August 11, hackers stole over $600 million in crypto funds. The attacker took Ethereum and Binance smart chain tokens, including $2 million worth of SHIB.
Ahead of the hack, SHIB price was rallying, and the event has not yet affected the Shiba Inu-themed crypto’s price negatively. In a single transaction on the Ethereum blockchain, hackers took over 259.73 billion SHIB tokens. Poly Network flagged the wallet addresses where the hacked tokens were deposited, and a history of transactions revealed detailed information.
It’s interesting to note that despite the loss of funds in the hack, the community continues to retain a bullish outlook on SHIB price. This is evident from the memecoin’s price rally.
Recently, the development team behind SHIB accepted the community’s demand and implemented a burn procedure to reduce SHIB and LEASH supply. $25000 in both SHIB and LEASH was burned, and at the same time, the team added two new Ethereum trading pools, PERLIN (PERL-ETH) and RYOSHI (RYO-ETH), to enhance liquidity. The burn is one of the key factors that triggered SHIB’s price rally. SHIB has gained 26.8% in one week, and the rally continues.
Further, commenting on the hack, Shiba Inu news reporter @ShibInformer tweeted:
SHIB was targeted in the hack, and though the volume was less than other tokens, the team has refused to go multi-chain for the entire year. SHIB is better protected from attacks with a relatively smaller attack surface.
Bullish on the updates in the SHIB token and the burn, SHIB price has shrugged off bears. There is an emerging bullish opportunity in the Shiba Inu coin: once the price crosses $0.00000791, SHIB is likely to rally to the June 29 level of $0.00000962.