Shiba Inu's price took a nosedive. It dropped 11% in 24 hours. The cause? A massive hack of Indian exchange WazirX. Criminals made off with 5.4 trillion SHIB. That's part of a $234 million heist.
SHIB now sits at $0.00001707. It's down 2% in an hour. But it's not all doom and gloom. The meme coin is still up 2% for the week. And it's gained 11% in a fortnight.
The big question: Will the hackers dump their loot? If they do, SHIB could take another hit. But so far, they're playing it cool. They've been selling bit by bit. The damage might not be as bad as feared.
SHIB's chart looks like a rollercoaster. There's been a mad rush to sell. The hackers have already shifted about $20 million worth. Ouch.
More pain could be on the horizon. But here's the thing: SHIB looks oversold. A comeback could be on the cards.
The relative strength index has plummeted to 20. That's screaming "rebound" in technical analysis speak.
But hold your horses. We might need to wait for the 30-day moving average to dip below the 200-day. That's usually when coins hit rock bottom.
Some folks are freaking out. They think the hackers will dump everything at once. But crypto watchers aren't so sure. One observer, VIKTOR, tweeted: "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."
Here's the kicker: The hackers might struggle to sell at all. Security analysts and the law are watching the Ethereum blockchain like hawks. SHIB operates on this very public ledger.
So, maybe it's not game over for SHIB. The worst might already be behind us.
Looking ahead, SHIB could bounce back strong. Ethereum ETFs are set to launch next week. That could boost the whole crypto scene. And rate cuts in the fall? That's more good news.
SHIB's still a top dog in the meme token world. It could hit $0.00002 and then $0.00003 in Q4. Woof!
But SHIB isn't the only game in town. New tokens are popping up, looking to beat the market. Take Shiba Shootout (SHIBASHOOT). It's raised $700,000 in its presale. Not too shabby.
Why are investors biting? SHIBASHOOT mixes Shiba Inu memes with Wild West vibes. It's all about community. They're planning mini-games, poker tournaments, and treasure hunts. Sounds like a hoot.
SHIBASHOOT has a max supply of 2.2 billion tokens. 35% goes to the presale, 20% to staking. Holders get to vote on stuff too. That could keep people hodling, pushing the price up.
Want in? Head to their website. One SHIBASHOOT token costs $0.0196 right now. But that'll go up as the sale progresses. When it lists later this year, who knows how high it could go?