Shiba Inu Price at Risk as WazirX Hacker Launders $100M in Stolen Crypto

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated: 

September 12, 2024

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The Shiba Inu price has risen by 1% in the past 24 hours, climbing to $0.00001336 after the WazirX hacker moved $23.3m in Ethereum this week.

The perpetrator of the July WazirX hack currently holds over $118m in crypto, having converted their original haul of SHIB to ETH.

This conversion leaves Shiba Inu in a stronger position than it was a couple of months ago, although the meme coin is down by 5% in a fortnight and by 2% in a month.

However, SHIB remains up by 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.

Likewise, SHIB’s 30-period moving average (orange) has just about risen above its 200-period average (blue) today, but this isn’t necessarily a sign that a big jump is coming.

That’s because it rose above the 200-period average only a few days ago, only to fall back below it within a day.

As such, SHIB remains within a period of uncertainty and relative weakness, which the WazirX hack kicked off back in July.

The past couple of days have seen the perpetrator launder over $23 million in ETH via the Tornado Cash mixing protocol, although 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, can’t directly impact the Shiba Inu price, which should see a fuller recovery soon.

Such a recovery is likely to come as the wider crypto market returns to growth, an eventuality we should see after September – historical one of the worst months for crypto – ends.

Fed rate cuts – with the first due next week – may help boost bullishness, assuming they aren’t too dramatic.

In such a context, the Shiba Inu price could rise to $0.000015 by the end of October, and $0.000025 by 2025.

New SHIB Meme Token Has More Short-Term Potential

Such performance may be a little too modest for some traders, in which case they may consider investing in newer tokens with more scope for big initial gains.

This should include a percentage of presale coins, which on the back of popular sales can rally big once they list on trading platforms.

Possibly 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 revolve around shared participation in play-to-earn mini-games and contests, including poker tournaments, lotteries and virtual treasure hunts.

Such a community will help support and grow SHIBASHOOT’s price in the longer term, drawing people into its ecosystem and incentivizing greater ownership.

Also encouraging ownership will be SHIBASHOOT’s staking system, with its platform offering special staking wallets to the most loyal and long-term holders.

The coin will have a max supply of 2.2 billion SHIBASHOOT, with its presale receiving 35% of this supply.

New investors can get involved in its presale by going to the official Shiba Shootout website, where 1 SHIBASHOOT token costs $0.0202.

They should act quickly if they want to buy SHIBASHOOT at this low price, since not only will the presale raise it in a few days, but it could rise much higher once the token goes on exchanges.

Buy SHIBASHOOT Now