Welcome to Extreme Investor Network, where we provide you with unique insights and valuable information about the stock market, trading, and Wall Street. Today, we’re diving into the recent price action of Shiba Inu (SHIB/USD) and how it has been impacted by recent events.
The hack-induced FUD caused a major dip in SHIB’s price, with a 46% drop between July 17 and August 5. This led to existing holders selling off and new entrants hesitating to join the market, as fears of a massive sell-off by the hackers loomed large.
But as positive developments surrounding the WazirX case emerged, SHIB began to see a turnaround. From August 5, SHIB rallied by 33% in just three days, hitting resistance at $0.000014, prompting a brief two-day consolidation period.
Now, as of August 11, SHIB has extended the rally by another 3%, reaching as high as $0.0000144. The milestone breakout above the $0.000014 level on August 11 could potentially signal the start of a new bullish cycle for SHIB.
Despite the price surge, the trading volume for SHIB has been subdued, especially after the WazirX hack. Trading volume is crucial as it reflects market liquidity and investor response to price trends. Between August 5 and August 11, despite a 36% increase in price, SHIB’s trading volume continued to decline from $25.48 million to $23.23 million.
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