22.06.2025 06:09
A significant event recently rocked the Hacken [HAI] cryptocurrency. A massive, unauthorized minting of approximately 251 million HAI tokens occurred across both the Ethereum and BNB Chain networks, resulting in a dramatic price plummet. This unexpected surge in supply sent shockwaves through the market, causing a staggering 55% price drop.
The sudden influx of HAI tokens overwhelmed existing bid walls, raising serious questions about market depth and the actual strength of support levels. Before this incident, HAI had already been struggling, failing to break through the $0.026 resistance level. The illicit mint, however, sent the price crashing to $0.009, a level far below previous support, and plunged the Relative Strength Index (RSI) deeply into oversold territory, according to data from TradingView.
Hacken's developers responded swiftly to the crisis, initiating an internal investigation and issuing urgent warnings to HAI holders on both networks to cease all bridging activities. Despite these efforts to reassure investors, the market reacted with extreme negativity. Exchange supply figures illustrate the severity of the situation; a dramatic increase from 10.36 million HAI tokens on June 20th to a near doubling – 21.77 million – just 24 hours later. This massive inflow unequivocally signaled a wave of panic selling, revealing a profound lack of underlying market support.
The initial market reaction, while understandable given the security breach and the resulting uncertainty, ultimately served as a stark reality check. The price drop, exceeding 55% and falling below the crucial $0.09 support, exposed a fundamental vulnerability in investor confidence. On-chain data supports this assessment, with a substantial net exchange flow revealing a massive 64 million token inflow far outstripping outflows. This imbalance indicates persistent sell-side pressure exceeding the market's capacity to absorb the newly minted tokens, further emphasizing the depth of the crisis and the resulting lack of confidence.
