SHIB Price Holds After Binance Hacker Dumps 499B Tokens

SHIB price was near $0.00000469 on November 1 after the attacker linked to the Binance security incident sold 499,926,072,560 SHIB, according to U.Today, citing blockchain analytics platform Lookonchain. The reported sale was valued at $1,960,615, or about $1.96 million. SHIB rebounded after an October selloff, but the available figures do not establish what drove that price move.

The sale represented 0.05% of SHIB supply, U.Today reported. It came amid a security incident affecting billions of dollars in assets. The price recovery does not show that further selling or volatility has ended.

What happened in the SHIB price selloff

In an analysis cited by U.Today on November 1, Lookonchain said the attacker had sold more than 130 altcoins across EVM chains. Its reported list included 499,926,072,560 SHIB, sold for 873 ETH. U.Today valued that ETH at $1,960,615. These are figures attributed to Lookonchain and reported by U.Today.

The SHIB transaction was part of a larger movement of assets. Lookonchain’s figures, as reported by U.Today, put the attacker’s EVM-chain proceeds at 123,400 ETH, worth $277.26 million, plus 1.69 million USDC, for a combined total of about $279 million. U.Today also reported that the attacker was swapping 970,522 SOL, then valued at $95.9 million, for bitcoin.

U.Today described the incident as affecting roughly $6.3 billion in assets. It reported that Binance’s initial investigation suggested the incident may have started with a compromised DevOps engineer’s laptop. According to that account, the laptop gave the attacker access to a service container, where unauthorized withdrawal transactions were submitted.

Background and context for the SHIB price move

The reported sale equaled 0.05% of total SHIB supply, according to U.Today. The report gives that supply ratio but does not establish how much the sale influenced the price. It also does not specify the venues or exact execution pattern for the transaction.

SHIB had already fallen with the wider crypto market on October 29, during the initial reaction to news of the Binance hack, U.Today reported. The token reached $0.00000446 on Friday before rebounding. It closed October down 18.92%, then traded between $0.00000466 and $0.00000472 on November 1 as its price awaited further direction.

Binance’s response is part of the backdrop. U.Today reported that the exchange had replenished about 95% of affected assets and would buy the remaining relevant tokens through market and over-the-counter channels until coverage reached 100% for all tokens. The report gave no completion date.

Market reaction: SHIB price and major tokens

U.Today put SHIB at $0.00000469 on November 1, down 0.04% over 24 hours and 3.14% over seven days at the time of its report. That reading showed limited movement during the reported 24-hour period after the sharp drop, but does not indicate how SHIB may respond to future wallet activity. The broader market figures below are a later snapshot, dated November 1 at 17:51 UTC.

SHIB figures are from U.Today’s November 1 report. BTC, ETH and SOL figures come from a CoinGecko market snapshot at 17:51 UTC that day. The reporting times differ. Bitcoin, Ethereum and Solana were down over seven days in that snapshot, while Bitcoin and Ethereum were up over 24 hours and Solana was down. Alternative.me’s Crypto Fear & Greed Index registered 34, classified as Fear, on November 1.

The reported figures show a rebound alongside recent daily and weekly declines for SHIB. They describe past trading and do not establish how SHIB will perform next. The sale, broader market moves and Binance incident provide context, but the evidence does not establish a single cause for SHIB’s price movement.

What to watch next for the SHIB price

Further on-chain transfers attributed to the attacker are one point to monitor. U.Today said the attacker continued swapping stolen funds, but did not confirm whether more SHIB remained after the 499.9 billion-token sale. A wallet movement alone would not establish that tokens reached an exchange or were sold.

Binance’s progress toward its stated 100% asset coverage is another marker. U.Today reported about 95% replenishment but gave no schedule for the remainder. Its report did not provide a completion date or final accounting of the replenishment.

The November 1 range of $0.00000466 to $0.00000472 and the earlier low of $0.00000446 offer recent context, but do not establish support or resistance. The reported figures are historical and do not predict future price movements.

FAQ

How much SHIB did the Binance attacker sell?

Lookonchain reported a sale of 499,926,072,560 SHIB, according to U.Today. The outlet valued the 873 ETH received at $1,960,615, or about $1.96 million.

Why did the SHIB price appear to absorb the sale?

U.Today said the sale represented 0.05% of SHIB supply and that the token rebounded from its Friday low. This does not establish one cause for the price action or mean future sales would have the same effect.

Is the SHIB price recovery confirmed?

U.Today reported a rebound and a November 1 price near $0.00000469, alongside a 3.14% weekly decline. These figures describe past trading, not a forecast.

Sources

• 499 Billion SHIB Dumped by Binance Hacker, Yet Price Absorbs It (U.Today)

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.