The Shiba Inu price has dived by 11% in the past 24 hours, dropping to $0.00001707 after criminals stole 5.4 trillion SHIB as part of a $234 million hack of Indian exchange WazirX.
SHIB is down by 2% in an hour, although the meme coin has held on to a 2% increase in a week and an 11% gain in a fortnight.
The possibility that the hackers will dump their SHIB raises the threat that the altcoin could suffer further losses in the near future.
However, it seems that the perpetrators have so far been selling Shiba Inu in a more piecemeal fashion, so the damage may be modest, while the coin is likely to bounce back strongly soon after.
5 Trillion SHIB Stolen in WazirX Hack: Shiba Inu Price Prediction
SHIB’s chart shows there has been a big rush to sell-off the meme token, with the aforementioned hackers shifting around $20 million in the token already.
More pain could come in the very near future, yet it’s clear that the coin is now in a massively oversold position, which implies strong comeback.
For instance, its relative strength index (purple) has slumped to 20, meaning that a rebound is all but inevitable in the not-too-distant future.
Source: TradingViewSuch a rebound may not come, however, until the 30-day moving (orange) falls below the 200-day (blue), which is usually the sign that a coin has bottomed out.
Some may fear that the WazirX hackers will soon dump all of their SHIB, yet observers have already noted that they may prefer to sell their holdings more steadily, so as not to tank the price.
If the hacker really wants to optimize his execution, he would have to sell VERY slowly
I don’t think he will be that patient
— VIKTOR (@thedefivillain) July 18, 2024
At the same time, it’s not a foregone conclusion that the hackers will be able to sell their SHIB at a more practical level, given that security analysts and various legal authorities will be watching their moves on the very public Ethereum blockchain (on which Shiba Inu runs).
In other words, this hack probably isn’t a disaster for SHIB, which has probably already seen the worst of the damage today.
And looking at the medium- and long-term, the Shiba Inu price is likely to recover strongly in the next few weeks and months.
Ethereum ETFs will launch next week and boost positivity and demand, while rate cuts in the fall will do something similar.
In this context, SHIB – which remains one of the strongest meme tokens in terms of fundamentals – will return to $0.00002 and then $0.00003 Q4.
New Shiba Inu Tokens Emerge to Beat the Market
The Shiba Inu price certainly has the potential to recover impressively in the next few months, yet it won’t be the only token doing well, with certain newer coin likely to outperform the market.
This includes the best presale coins, which can often generate strong momentum during their sales and then rally hard once they list.
A good example of a coin likely to do this is Shiba Shootout (SHIBASHOOT), a new Ethereum-based coin that has now raised $700,000 in its sale.
#ShibaShootout a creative, collaborative #crypto community with a Wild West theme and unique tokenomics.
Join the ride! pic.twitter.com/RndFuqQvN3
— shibashootout (@shibashootout) May 8, 2024
One of the reasons why Shiba Shootout is attracting investors is that it will combine Shiba Inu memes with Wild West motifs and a strong community focus.
It aims to grow its community on the basis of shared participation in mini-games and online events, including poker tournaments, lotteries, treasure hunts, and trading forums.
By making community its foundation, Shiba Shootout looks like it will give itself a solid platform for growing and appreciate in value.
The SHIBASHOOT token will have a max supply of 2.2 billion, with 35% of this going to the presale and 20% to staking.
What’s also exciting is that holding the token will grant investors the right to participate in governance discussions and votes.
Along with staking rewards, this will provide an incentive to buy and hold SHIBASHOOT, pushing up its price over time.
Investors can join its sale by going to the official Shiba Shootout website, where 1 SHIBASHOOT token currently costs $0.0196.
This will rise by $0.0001 with every new stage of the sale, while its listing later in the year could see it rise much, much higher.
Buy SHIBASHOOT Now
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