The price of Dogecoin (SHIB) fell by a paltry 1%, an impressive feat considering that billions of Dogecoin were sold in the past 24 hours. The meme coin is holding above an important support level, which shows that the network’s token burning mechanism is working.
In a recent announcement, decentralized finance platform Poly Network disclosed a massive attack in which bad actors stole 9.4 billion Dogecoin-based SHIB tokens.
Dear users, we would like to inform you that due to the recent attack, Poly Network has temporarily suspended its services. We are actively communicating with relevant parties and carefully evaluating the extent of the affected assets. [1/3]
——Poly Network (@PolyNetwork2)
July 2, 2023
The hacker took advantage of the smart contract feature of the bridge tool of the cross-chain protocol Poly Network. This feature helps users exchange tokens between different blockchains through smart contracts. To achieve this, it locks value on one network and then releases it on the next network. Through this move, they successfully minted 24 billion Binance Dollars (BUSD) and Binance Coins (BNB) on the Metis blockchain.
We are aware of the current situation at Polybridge and are currently in contact with the PolyNetwork team to minimize the impact of the attack and further assess the situation.
Regarding BNB and BUSD minted on Metis, there is currently no sell liquidity available.
All funds are in...
——Metis (@MetisL2)
July 2, 2023
Other attacks included 999 trillion Dogecoins minted on the Heco blockchain, as well as millions of Dogecoins minted on Avalanche, Polygon, and several other exchanges. The hacker's wallet may hold more than $42 billion worth of loot.
However, in a dramatic turn of events, the bad actors were unable to cash out their large amounts of loot due to a liquidity shortage. Metis developers confirmed the predicament, saying that “there is no available sell liquidity” for BNB and BUSD. Notably, the Metis blockchain locks tokens minted on the network.
PolyNetwork’s 9.4 billion Dogecoins exchanged for Ethereum by hackers
While Binance Coin and Binance USD did not experience selling pressure due to lack of liquidity, Dogecoin did not. Hackers reportedly found liquidity for the meme coin and exchanged 94 billion Dogecoins for 360 Ethereum (ETH). They also exchanged 4.95 million COOK tokens for 16 ETH and 15 million RFuel tokens for 27 ETH. Lookonchain analytics platform confirmed these statistics after confirming that the hackers were transferring the assets to new wallets ready for sale.
It looks like #PolyNetwork has been attacked again, with hackers minting a large amount of assets.
The hacker exchanged $9.4 billion of SHIB for 360 ETH, $4.95 million of COOK for 16 ETH, and $15 million of RFuel for 27 ETH.
We noticed that the hacker was moving assets and 1 ETH to new wallets, most likely for sale.
pic.twitter.com/a8eqbgy1Vm
——Lookonchain (@lookonchain)
July 2, 2023
During the attack, Binance CEO Changpeng Zhao commented that his exchange was not affected in any way. Zhao assured users that they were not affected and stated that Binance does not accept deposits from Poly Network.
This does not impact @Binance users. We do not support deposits from this network. Our security team is assisting them with their investigation. Keep #SAFU.
https://t.co/0EsD5Ux6vW
——CZ BNB (@cz_binance)
July 2, 2023
The 94 billion tokens exchanged for 360 billion Dogecoins represented a huge selling pressure. Although this should have weighed heavily on Dogecoin, causing the market cap to fall, this did not happen! Experts attributed this to the ongoing token destruction mechanism.
According to the Dogecoin destruction tracker, nearly 19.5 million Dogecoins were destroyed in the past 24 hours. This represents an increase of 151.2% compared to the previous day. Notably, in the last hour of publishing time, the network destroyed 1.18 Dogecoins in a single transaction.
HOURLY SHIB UPDATE
$SHIB
Price: $0.00000754 (down 0.59% in 1 hour | down 0.83% in 24 hours)
Market value: $4,441,223,470 (down 0.92%)
Total Supply: 589,349,689,672,407
Burning Tokens
Last hour: 1,182,138 (1 transaction)
Last 24 hours: 19,490,231 (increased by 151.2%)
Last 7 days: 280,771,025 (down 72.95%)
——Shibburn (@shibburn)
July 2, 2023
To clarify, token burning is a mechanism to reduce the supply of an asset. These tokens are sent to a frozen private address, making them irrecoverable.
Dogecoin (SHIB) Remains Steady at the $0.00000720 Support Level
The price of Dogecoin (SHIB) has resisted the selling pressure of the 94 billion tokens minted for Ethereum. The coin has held the support level of $0.00000720 for 12 days. While all signs point to the destruction rate as a factor, momentum indicators also prove the buyer's momentum for Dogecoin.
The relative strength index (RSI) is not sloping down, while the Awesome Oscillator (AO) histogram is green. This suggests that buyer momentum is helping to sustain the price of Dogecoin.
Dogecoin’s market cap could rise if buying power increases from the current price of $0.00000757. This rise could see the memecoin mark above the 50-day exponential moving average (EMA) at $0.00000803. Further north, the Dogecoin killer could break above the 100-day EMA at $0.00000883 to tackle the resistance level of $0.00000917.
In a highly bullish scenario, the price of Dogecoin could continue to rise to mark the 200-day EMA at $0.00000980. Such a move would take it up 30% from the current levels. A successful breakout of this resistance and turn into support would pave the way for more gains, possibly above the $0.00001000 area.
【picture】
【picture】
TradingView: SHIB/USDT 1-Day Chart
Conversely, early profit-taking by investors who suffered losses in the June 28 drop could interrupt the upward momentum. On this day, the Dogecoin price fell by nearly 10% to create an intraday low of $0.00000702 before recovering by 6%.
The subsequent selling pressure could push the Dogecoin price below the critical support at $0.00000702. In the worst-case scenario, the altcoin could fall further to the $0.00000652 support level. Worse still, Dogecoin could slide further to collect the shadows representing buy-side liquidity on the red candlestick chart of the June 10 trading session.
Note that the RSI is still below 50, indicating weak price strength. Likewise, the AO is still negative, showing that the bears have the upper hand. These all strengthen the possibility of a downside move.
Dogecoin Alternatives
As Dogecoin price struggles to stay above key support levels, Chimpzee ecosystem token CHMPZ could be considered.
The Chimpzee project empowers users to make a positive impact and earn revenue in the vision of protecting the environment and animals from the threat of extinction. It is a revolutionary Web3 project that is poised to disrupt the cryptocurrency industry.
for…
Protect our planet?
Protect wildlife?
And get rewarded in the process?
If your answer is yes! ✅
Then join #Chimpzee #Presale and be part of the action!
https://t.co/Geog3EVuMC
#EcoCrypto #GreenCrypto
pic.twitter.com/0YK0RtHsZe
——Official Chimpzee Project (@RealChimpzee)
July 2, 2023
The project's working mechanism enables more people to contribute to the vision of saving the environment and animals from extinction. To this end, it provides three ways to make money: shopping, trading, and gaming. These methods come from the Chimpzee store, NFT market, and Zero tolerance game.
Introducing Chimpzee, a being of unrivaled power and wisdom, born from the spirit of the jungle
His mission is to protect nature and preserve the environment️
Join the #Chimpzee #Presale now!
https://t.co/Geog3EVuMC
#CryptoCommunity #EcoCrypto
pic.twitter.com/MlsEU17ywV
——Official Chimpzee Project (@RealChimpzee)
July 2, 2023
The project is committed to being among the most influential projects even during the crowdfunding stage. So far, Chimpzee has raised 668,956 USDT from the early sales of CHMPZ tokens. This exceeds the current crowdfunding stage's goal of 1.1 million by more than 50%. As the countdown enters the next stage, users only have about five days to purchase CHMPZ at a price of $0.00067.
Get your $CHMPZ token today!
1️⃣Install #MetaMask or use Wallet Connect
2️⃣Connect your wallet
3️⃣ Use $ETH or $USDT to buy tokens
4️⃣Catch the tokens on our website after the crowdsale ends
Make a positive impact today! ✨
https://t.co/Geog3EVuMC
pic.twitter.com/Dz166uHqsZ
——Official Chimpzee Project (@RealChimpzee)
July 1, 2023
This represents a discount of 4.47% which will make a huge difference once the token is listed.
Click here to visit Chimpzee
Also read:
Pepe Price Prediction for Today July 1: PEPE Rallies Persist as Its Value Remains Constant
Pepe 2.0 Next 100x Memecoin
Federal Court Orders Kraken to Release User Transaction Data To IRS
PlayDoge (PLAY) – Newest ICO On BNB Chain
Rating
【picture】
【picture】
2D Virtual Dog Pet
Play To Earn Meme Coin Fusion
Staking & In-Game Token Rewards
SolidProof Audited – playdoge.io
【picture】
【picture】
Join Presale
Join our Telegram channel to get the latest news coverage
English 
Chinese (China) 
Chinese (Hong Kong) 