Shiba Inu (SHIB) seems to be undergoing a correction. The popular memecoin has dipped 0.3% in the daily charts, 2.8% in the weekly charts, and 2.2% over the previous week. SHIB has nonetheless maintained some gains in the last two weeks, rallying by 10.6% in the 14-day charts.
Also Read: Shiba Inu: Hackers Steal $102 Million Worth of SHIB, Price Falls 9%
SHIB’s current predicament could be due to over $100 million worth of tokens being stolen from the Indian crypto exchange WazirX. The attackers most likely began dumping the tokens on the market, leading to a price correction.
AI predicts Shiba Inu’s price for July 31, 2024
According to the data on CoinCodex, SHIB could surge to $0.00003865 on July 27, 2024. Hitting 0.00003865 from current levels would entail a rise of about 118.3%. CoinCodex analysts do not expect SHIB’s price to hold at $0.00003, predicting a drop to $0.00002685 on July 31, 2024. Reaching $0.00002685 from current levels would translate to a rally of about 51.6%.
Also Read: Shiba Inu: SHIB’s Price If Its Market Cap Hits $100 Billion
Changelly also paints a similar picture for Shiba Inu over the next few days. The platform predicts SHIB to hit $0.00003916 on July 26. 2024, but predicts a correction to $0.00002888 on July 28, 2024.
SHIB may continue to face headwinds, given the recent $102 million theft from WazirX. The move may have instilled fear into SHIB investors, who may want to exit their positions.
Also Read: Shiba Inu: $25 Monthly Since Launch is Worth $34 Million Today
There is also a possibility of an Ethereum (ETH) ETF making a debut this month. An ETH ETF might cause a market-wide surge in the cryptocurrency space, akin to what happened when the Bitcoin ETFs were introduced earlier this year. SHIB might see a significant rally in such a situation.
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