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The Shiba Inu price plunged 6% in the last 24 hours to trade for $0.00001752 as of 01:15 a.m. EST on trading volume that skyrocketed 254%.
The dump came amid much FUD (fear, uncertainty, and doubt) after the WazirX hack on July 18.
The hack, which blockchain security firm Elliptic attributed to the infamous North Korean Lazarus Group, saw hackers steal 200 different crypto assets worth $235 million.
About $100 million of the losses were Shiba Inu (SHIB), with Ethereum (ETH), Polygon (MATIC), and PEPE (PEPE) also stolen.
📢 Update: We’re aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding.…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 18, 2024
The development spooked investors given the loot constituted over 45% of the exchange’s reserve holdings. In a June report, WazirX exchange revealed that it holds $500M worth of crypto as part of its proof of reserves.
Shiba Inu Price Prediction
The Shiba Inu price is trading with a bearish bias from a big-picture perspective, consolidating within a falling parallel channel. Having slipped below the support at $0.00001823, the downtrend could extend as bullish momentum continues to fall.
Looking at the Relative Strength Index (RSI), which is below the mean level of 50 and southbound, momentum is falling. Similarly, the Moving Average Convergence Divergence (MACD) is also in negative territory.
With this, the downside potential remains alive for the Shiba Inu price, and it could test the $0.00001440 support level. In a dire case, the downtrend could extrapolate to the $0.00001286 support.
Traders looking to take short positions on the Shiba Inu price should wait for a lower low relative to the bottom of the Thursday session of $0.00001564. The MACD histogram bars are also paling, showing bullish sentiment is fading, accentuating the odds for further downside.
GeckoTerminal: SHIB/USD 1-day chart
Conversely, if bulls recover, the Shiba Inu price could climb, with a candlestick close above $0.00002002, making SHIB attractive to buy. In a highly bullish case, the gains could extrapolate for the Shiba Inu price to test the $0.00002377 threshold or higher, reaching the $0.00002970 level.
Traders looking to take new long positions on the Shiba Inu price should consider waiting for the RSI to make a stable restoration above the mean level of 50.
With SHIB trading with a bearish bias, traders might consider rotating into the Shiba Shootout (SHIBASHOOT) presale, which has raised $696k in short order.
The 99Bitcoins YouTube channel, with more than 705k subscribers, says Shiba Shootout ”is offering insane rewards.”
Promising Alternative To Shiba Inu
SHIBASHOOT is the powering token for the Shiba Shootout project, which offers a play-to-earn game involving shootouts in the crypto Wild West town of Shiba Gulch.
The P2E game offers dueling players the opportunity to clash in high-stakes battles. Creativity, wit, and a touch of cowboy charm will be your armor as you journey the legend of the ”Shiba Showdown.”
Master #Crypto strategy with #Shiba cowboys in thrilling duels for big rewards! 🌟 Join the adventure!
Sign up now to get your free $SHIBASHOOT tokens!
Jump in the fun! 🚀 https://t.co/jCeu7XMBqR pic.twitter.com/YjlGaaluBT
— shibashootout (@shibashootout) June 28, 2024
The Shiba Shootout game has a basic mobile version already available on Google Play and the Apple App Store. But Shiba Sharpshooter will soon receive a huge Web3 update that allows users to earn its utility-packed native token, $SHIBASHOOT.
Buyers can also participate in the refer-a-friend scheme to earn bonus tokens, while those who sign up on the website will receive some free $SHIBASHOOT tokens.
Buyers can stake their tokens for an annual return of 1,451%.
YouTube crypto expert Michael Wrubel recently told his 312,000 subscribers that he’d found ”the next 100x Shiba Inu.” He believes that Shiba Inu’s brand power in crypto could help SHIBASHOOT reach stratospheric valuations.
The SHIBASHOOT project is available for purchase for just $0.0196. With that price only available for a little less than five days, buy soon to secure the best deal.
Visit and buy Shiba Shootout here.
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