Shiba Holders Shift Funds to New ICO as SHIB Price Crashes, Eyes Set on 1,100% Returns
After having dropped as much as 20% on the day, the Shiba Inu (SHIB) price has somehow managed to recover into the green despite the broader crypto crash, but nervous Shiba holders nonetheless continue to shift funds to a new ICO as they set their sights on 1,100% returns.
SHIB was last trading close to $0.00001350, having briefly dipped under $0.000011 earlier in the session.
The downside volatility seen in Shiba Inu comes amid a broader crypto market crash. Bitcoin (BTC) is down over 7% in 24 hours and Ethereum (ETH) is down around 20%, CoinMarketCap shows.
The crash comes amid concerns that the US (and global) economy is tilting towards recession, and that the Fed won’t respond fast enough.
The Federal Reserve was too slow to raise rates. Now it is too slow to lower them.
— Bill Ackman (@BillAckman) August 5, 2024
The rushed unwinding of the hugely popular pro-risk Japanese yen carry trade amid BoJ hawkishness, as well as potential forced ETH selling from Jump Crypto is also weighing crypto assets.
Jump liquidating their crypto book into thin markets on a summer Sunday afternoon, perfectly sums up why their crypto operation is such a mess.
For a shop that's spun out so many smart builders in this space, the operation always seems like a clusterfuck. https://t.co/jCTdtGUFYR
— Adam Cochran (adamscochran.eth) (@adamscochran) August 4, 2024
SHIB may have recovered well from earlier session lows but remains in a strong downtrend.
If this is the start of a new crypto crash, then SHIB could soon be headed back to 2023 lows under $0.000006.
That would mean more than 50% downside from current levels.
Its no surprise then that Shiba Inu holders are seeking shelted in a new ICO with big potential called Shiba Shootout (SHIBASHOOT).
Shiba
