SHIB Experiences Volatility Amid Hack Concerns
SHIB has dropped by 2% in the past hour, but it still maintains a 2% increase over the week and an 11% gain in the past two weeks.
The possibility of hackers dumping their SHIB poses a risk of further losses for the altcoin in the near future.
However, so far, the perpetrators have been selling Shiba Inu in smaller amounts, which may limit the damage, with the coin likely to recover strongly soon after.
5 Trillion SHIB Stolen in WazirX Hack: Shiba Inu Price Prediction
SHIB’s chart indicates a significant rush to sell off the meme token, with hackers already moving around $20 million worth of the token.
More losses could be imminent, but the coin is now in a heavily oversold position, suggesting a strong rebound is likely.
For example, its relative strength index (RSI) has dropped to 20, indicating that a recovery is almost inevitable in the near future. However, this rebound may not occur until the 30-day moving average (MA) falls below the 200-day MA, typically signaling a bottom.
There is concern that the WazirX hackers might dump all their SHIB soon, but it’s noted that they may prefer to sell gradually to avoid crashing the price. Additionally, security analysts and legal authorities are monitoring their activities on the public Ethereum blockchain, where Shiba Inu operates.
Therefore, this hack might not be disastrous for SHIB, and the worst of the damage may have already occurred.
Looking ahead, SHIB is likely to recover strongly in the coming weeks and months.
The launch of Ethereum ETFs next week could boost positivity and demand, while anticipated rate cuts in the fall could have a similar effect.
In this context, SHIB – one of the strongest meme tokens in terms of fundamentals – could return to $0.00002 and then $0.00003 by Q4.
New Shiba Inu Tokens Emerge to Outperform the Market
The Shiba Inu price has the potential to recover impressively in the next few months, but it won't be the only token doing well. Certain newer coins are likely to outperform the market.
This includes the best presale coins, which often generate strong momentum during their sales and rally hard once they list.
A good example is Shiba Shootout (SHIBASHOOT), a new Ethereum-based coin that has raised $700,000 in its sale. Shiba Shootout attracts investors by combining Shiba Inu memes with Wild West motifs and a strong community focus.
It aims to grow its community through shared participation in mini-games and online events, including poker tournaments, lotteries, treasure hunts, and trading forums.
By building its foundation on community engagement, Shiba Shootout appears poised for growth and value appreciation.
The SHIBASHOOT token will have a max supply of 2.2 billion, with 35% allocated to the presale and 20% to staking.
Additionally, holding the token will grant investors the right to participate in governance discussions and votes.
Along with staking rewards, this will incentivize buying and holding SHIBASHOOT, driving up its price over time.
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