SHIB Price Forecast: What To Do As WazirX Exploiter Sells 35B Shiba Inu
After experiencing a notable price surge over the past few days, the Shiba Inu rally appears to lack momentum as it faces resistance following a hack attack on India’s WazirX exchange. Based on SHIB price forecast, the correction will continue throughout the day as investors react to the hacker making away with more than 5 trillion SHIB.
The SHIB price outlook suggests potential challenges as investors seem cautious amid broader market uncertainties. Shiba Inu price was trading at $0.00001782 during European trading hours, down 7% in 24 hours.
According to CoinMarketCap data, the current market capitalization is approximately $10.5 billion, ranking 13th. The trading volume has also dropped by 4% to $488 million, indicating reduced investor activity and interest at the current levels.
SHIB Price Forecast: What’s Next for SHIB After Recent Market Corrections?
Despite market corrections over the past week, The meme coin crypto has demonstrated resilience, posting a notable gain of 6%. The meme-based cryptocurrency, popular for its volatile movements, has traded in a range bound from $0.00001772 to a high of $0.00001941 in the past day.
Over the past 24 hours, most cryptocurrencies have seen price corrections, with many of the major tokens shedding a significant portion of their value amidst broad market retracements and increased volatility.
Impact of Large-Scale Token Burns on Value
The report from Shibburn also provides detailed insights into the supply dynamics of Shiba Inu. Notably, a substantial amount of SHIB, specifically 410,727,581,114,339, has been permanently removed from circulation or “burned” from the initial supply, influencing the remaining tokens’ scarcity and potential value. The maximum total supply of SHIB is established at 999,982,348,139,765.
Note that #WazirX exploiter has started selling $SHIB!#WazirX exploiter has sold 35B $SHIB($618K) and currently holds 5.4T $SHIB($95.45M).https://t.co/nRHmm24ZSl pic.twitter.com/DRzmaIbiqH
— Lookonchain (@lookonchain) July 18, 2024
As of the latest reports, the exploiter has sold approximately 35 billion SHIB, equivalent to $618,000, and still possesses a staggering 5.4 trillion SHIB, valued at around $95.45 million. This sudden movement of funds has raised concerns among investors and could potentially impact the market dynamics of SHIB.
Is a Climb to $0.00003 Realistic for Shiba Inu?
With the current market correction, the Shiba Inu price prediction faces a critical hurdle at the $0.000018 level. Surpassing this threshold could elevate its price to $0.00002. Achieving this could set the stage for a climb to $0.00003.
Conversely, increasing bearish trends could lower its value to the $0.000017 support zone. A shift in market sentiment towards the negative may further reduce its price to $0.000016. Continuing this trend could solidify a bearish trajectory for the SHIB price forecast.
The technical indicators for the SHIB on the 4-hour chart reflect a nuanced market scenario. The Moving Average Convergence Divergence (MACD) indicator shows a slight bearish signal. The MACD line is slightly below the signal line, indicating a bearish crossover.
The Relative Strength Index (RSI) recently dipped towards the mid-line at 39 while the Awesome Oscillator is currently at -0.00000025, providing a mixed signal.
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