Shiba Inu (SHIB) Price Soars Despite Mass Sell-Off, Will it Sustain?

Shiba Inu (SHIB) price surges with major trading volumes, demonstrating strong market interest.
Hackers involved in the Poly Network attack sold large volumes of SHIB tokens.

Shiba Inu (SHIB), the leading meme coin price surges with significant trading volumes. Despite a mass sell-off, SHIB managed to sustain its value above the $0.000007679 level with a price rally of around 1.5%. Shiba Inu price continued its recovery, demonstrating resilience in the face of a recent 94 billion token sale.

Poly Network, a decentralized finance (DeFi) platform, has fallen victim to a second attack within a two-year timeframe. The platform recently announced the suspension of all activities as it investigates the hack. According to data from Lookonchain, a crypto intelligence tracker, the hackers conducted large-scale sales of SHIB tokens in exchange for Ether.

However, the SHIB price surge and the sustained trading volumes indicate significant market interest in the meme coin. Despite the mass sell-off and the security breach experienced by Poly Network, SHIB has shown resilience in its price recovery.

At the time of writing, Shiba Inu traded at $0.000007675 with a 24 hour trading volume of over $166 million, which soared around 33%. In addition Shiba Inu burn rate has climbed 7.74% in the last 24 hours and 80% in a week.