The Shiba Inu price has risen 1% in the last 24 hours, reaching $0.00001336, as the WazirX hacker moved $23.3m in Ethereum this week.
The hacker behind July’s WazirX hack now possesses more than $118m in cryptocurrency after converting his original haul of SHIB to ETH.
This conversion has left Shiba Inu in a stronger position than a couple of months ago, despite being 5% down over the fortnight and down 2% month-to-month.
However, SHIB remains up 82% in a year, and with the token’s fundamentals as strong as ever, it may see a strong end to the year.
Shiba Inu Price at Risk as WazirX Hacker Launders $100M in Stolen Crypto
Shiba Inn’s price and indicators have been wavering for several weeks now, leaving the coin in a position where it could just as easily fall some more as recover.
Its relative strength index, for example, stands at 50 today, having risen from 35 yesterday but struggled to rise any higher than 60.
Also, the 30-period moving average of SHIB, which is orange, has only just breached the 200-period average, blue, today, but that doesn’t necessarily mean that a big jump is at hand.
That’s because it rose above the 200-period average only some days ago, only to fall back below it within a day.
As such, SHIB remains in a period of uncertainty and relative weakness, which started with the July WazirX hack.
In fact, the perpetrator has laundered over $23 million in ETH through the Tornado Cash mixing protocol over the last couple of days alone. However, this hasn’t really had much of a visible impact on the alt’s price – ETH is up by 1% today.
And while Shiba Inu is the coin most heavily associated with the WazirX breach, the hackers no longer hold any SHIB.
They, therefore, cannot directly impact the price of Shiba Inu, which should fully recover soon.
Such recovery will more likely come when the wider crypto market returns to growth—an eventuality we should see once September ends, which is historically one of the worst months for crypto.
Fed rate cuts-with the first due next week help boost bullishness, assuming they aren’t too dramatic.
In such a scenario, the price of Shiba Inu could rise to $0.000015 by the end of October and $0.000025 by 2025.
New SHIB Meme Token Has More Short-term Potential
Some traders may find performance like that a bit too modest, so they may consider investing in newer tokens that offer more scope for big initial gains.
This should include a percentage of presale coins, which, due to popular sales, can rally big once they list on trading platforms.
Probably the strongest example of such a coin right now is Shiba Shootout (SHIBASHOOT), a new Ethereum-based token that has raised over $1.1 million in its ongoing sale.
Shiba Shootout is unique in that it mixes ever-popular Shiba Inu memes with Wild West themes.
It’s building a community that will be focused on shared participation in play-to-earn mini-games and contests, including poker tournaments, lotteries, and virtual treasure hunts.
This sort of community will be more supportive and help grow the price of SHIBASHOOT in the long term, as people will be drawn into its ecosystem and incentivized through ownership.
Ownership will also be encouraged through SHIBASHOOT’s staking system, with the platform offering special staking wallets to the most loyal and long-term holders.
The coin’s total supply will be 2.2 billion SHIBASHOOT, and 35% of it will be allocated to its presale.
New investors can participate in the presale on Shiba Shootout’s official website. One SHIBASHOOT token is sold for $0.0202.
If they’re willing to buy SHIBASHOOT at this low price, they’d better hurry. The presale will raise it in a few days, not to mention how much higher it may rise once on exchanges.
