Shiba Inu Price Prediction: SHIB Plummets 6% After WazirX Hack As Experts Say This P2E Alternative Might Be The Best Meme Coin To Buy Now

Shiba Inu Price Plunges Amid WazirX Hack

The Shiba Inu (SHIB) price has plummeted 6% in the past 24 hours, trading at $0.00001752 as of 01:15 a.m. EST. This significant drop follows a 254% surge in trading volume.

The sell-off occurred amidst widespread fear, uncertainty, and doubt (FUD) stemming from the WazirX hack on July 18.

WazirX Hack Leads to Large Losses

Blockchain security firm Elliptic attributed the hack to the infamous North Korean Lazarus Group, who stole 200 different crypto assets worth $235 million. Approximately $100 million of the losses were in SHIB.

Shiba Inu Price Prediction

From a technical analysis perspective, SHIB is exhibiting a bearish bias within a falling parallel channel. The support level at $0.00001823 has been breached, indicating a potential extension of the downtrend.

The Relative Strength Index (RSI), below the mean level of 50, suggests a decline in momentum. The Moving Average Convergence Divergence (MACD) also remains negative.

This indicates a potential downside for SHIB, with the $0.00001440 support level at risk of being tested. In a severe scenario, the downtrend could extend to the $0.00001286 support.

Traders considering short positions should watch for a lower low below the $0.00001564 reached on Thursday. The diminishing MACD histogram bars further support the case for a bearish outlook.

Bullish Scenario

If bulls regain momentum, SHIB could potentially climb above $0.00002002, attracting buyers. In an optimistic scenario, gains could extend to the $0.00002377 or even $0.00002970 levels.

Traders interested in long positions should wait for the RSI to stabilize above the 50 mark.

Shiba Shootout Presale

While SHIB exhibits a bearish bias, traders might consider diversifying their portfolios with Shiba Shootout (SHIBASHOOT), which is currently in its presale phase. The project has raised $696k in a short period.

SHIBASHOOT is the native token for the Shiba Shootout play-to-earn game. It involves shootouts in the crypto Wild West town of Shiba Gulch, offering high-stakes battles and rewards.

The game will receive a major Web3 update, allowing users to earn $SHIBASHOOT tokens. Referrals and website sign-ups also provide bonus tokens. Staking offers an annual return of 1,451%.

Crypto experts have praised SHIBASHOOT, with Michael Wrubel labeling it "the next 100x Shiba Inu." The project's presale price of $0.0196 is available for a limited time.