SHIB Suffers Massive Hack: What's Next?

Earlier this week, the Shiba Inu (SHIB) exchange suffered a massive hack, which caused a sharp drop in the price of SHIB.

SHIB has had a rough week. The price has now fallen to $0.0000172, down 8% since yesterday and 14% since Monday. If this continues, we could see three consecutive trading days of price declines.

Technically, SHIB's price chart shows some bearish signals. First, the price failed to break above the 50-day exponential moving average (EMA) and failed to break above the key psychological barrier of $0.000020. These are signs of concern among holders.

However, it is worth noting that SHIB's spot trading volume surged to $1.1 billion in the past day, a 200% increase from the day before. This could indicate that investors are buying on the dip, but it could also mean a massive sell-off. Judging from the current price action, it seems more like the latter.

It is too early to predict whether SHIB can rebound from its downturn. The next key support level is around $0.000015, and if the situation does not improve, the price may fall further by 12%.

In addition, the impact of the WazirX hack is still ongoing, and investor sentiment remains nervous. This may further depress the price of SHIB. To make matters worse, the Shiba Inu team has not released any major announcements or updates recently, lacking news to inspire investor confidence.

In this case, the outlook for SHIB looks relatively pessimistic. The only hope is that the entire meme coin market will enter a bull market again, and SHIB may regain some of its lost ground. But for now, SHIB holders need to be prepared for market fluctuations.

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