Significant Price Drop Due to Hack
In the last 24 hours, Shiba Inu (SHIB) has seen its price drop by 11%, reaching $0.00001707. Criminals stole 5.4 trillion SHIB, worth $234 million, from the Indian exchange WazirX. This theft has caused the recent decline.
Although SHIB has fallen by 2% in the past hour, it has still experienced a 2% increase over the past week and an 11% rise over the last two weeks.
Potential Impact of Hackers Dumping SHIB
Hackers dumping their stolen SHIB could lead to further losses for the altcoin. However, the culprits seem to be selling the stolen coins gradually. This approach might limit the immediate impact on SHIB’s price.
Price Analysis and Future Predictions
The chart for SHIB shows a rush to sell the token, with hackers already liquidating around $20 million worth. While the price may continue to decline, the coin is currently oversold, suggesting a likely rebound. The relative strength index (RSI) has fallen to 20, indicating that a recovery is probable.
A rebound may only occur once the 30-day moving average falls below the 200-day moving average, which usually signals that the price has bottomed out. Observers worry that hackers might dump all their SHIB, but they might prefer a more gradual sell-off to avoid crashing the price. Security analysts and legal authorities are keeping an eye on the Ethereum blockchain, adding extra scrutiny.
Medium to Long-Term Outlook
Looking ahead, SHIB’s price is expected to recover strongly in the coming weeks and months. The launch of Ethereum ETFs and anticipated rate cuts are likely to improve market sentiment. As one of the stronger meme tokens, SHIB could rise to $0.00002 and potentially $0.00003 by Q4.
Emerging Shiba Inu Tokens
New Tokens Competing in the Market
Shiba Inu’s potential for recovery is complemented by the emergence of new tokens that might outperform the market. Shiba Shootout (SHIBASHOOT) is an example. This new Ethereum-based coin has already raised $700,000 in its presale.
Unique Features of Shiba Shootout
Shiba Shootout combines Shiba Inu themes with Wild West elements and emphasizes community engagement. It plans to grow its community through mini-games, online events, and interactive features like poker tournaments and lotteries. The SHIBASHOOT token will have a total supply of 2.2 billion, with 35% allocated to the presale and 20% to staking.
Investors holding SHIBASHOOT will gain governance rights and staking rewards. This creates incentives for long-term holding and could drive up its value. Currently, the token is priced at $0.0196, with prices expected to rise as the presale progresses.
Join the Shiba Shootout Community
Interested investors can participate in the sale via the official Shiba Shootout website. As the token progresses through its sales stages and eventually lists, significant price increases are anticipated.
The post 5 Trillion SHIB Stolen in WazirX Hack: Shiba Inu Price Prediction appeared first on Cryptonews.
