6th September Shiba Inu Price Prediction
The Shiba Inu (SHIB) token has largely remained in a consolidation phase over the past month, occasionally spiking above its range in mid-August. However, recent price action suggests the formation of a bearish pattern, which could spell lower prices for SHIB in the long term. Adding to community concerns, more than $90,000 worth of funds donated to Shiba Inu by Welly’s has reportedly gone missing, raising questions about the transparency and decentralization of the Shibarium blockchain.
SHIBDAO Hack: Shiba Inu Price Response as Missing $91K Surfaces in Centralized Exchanges
The Shiba Inu development team introduced the SHIBDAO on August 24, marking a step towards decentralizing the Shibarium blockchain. On September 2, a total of 37.5 ETH, originally donated by Welly’s in 2022 to the ShibArmy, became the subject of an on-chain governance proposal via SHIBDAO initiated by Shytoshi Kusama.
The community was set to vote on the matter until September 4. However, a bad actor transferred the 37.5 ETH to a newly created wallet, which was later split across three wallets and sent to centralized exchanges.
This incident has cast a shadow over SHIBDAO’s initial promise of full transparency and community participation. While the issue has been traced back to rogue elements within the network, it’s important to note that the developers themselves do not appear to be at fault.
ShibDev Portal Aims to Revitalize Shibarium Development
Despite this setback, there are some positive developments within the Shiba Inu ecosystem. Head of Marketing, Lucie, recently announced the launch of the ShibDev portal, signaling a new phase of developer engagement on Shibarium.
Historically, on-chain development has proven to be a reliable indicator of future SHIB price trends. Unfortunately, Shibarium’s current performance isn’t encouraging.
A review of on-chain data via Shibarium Scan reveals a struggling network. The number of active accounts has plummeted to an all-time low, which has negatively impacted the volume of new transactions.
Additionally, block production on the Shibarium network dropped dramatically from 17,222 on September 4 to 5,740 the following day — a decline of over 50% in just 24 hours. The creation of new contracts and verified contracts is also on the decline.
These figures may help explain the rationale behind launching the ShibDev portal, which aims to boost development activity on the network. Meanwhile, Shiba Inu’s price slipped 0.9% in the last 24 hours, trading at $0.0000133.
Shiba Inu Price Analysis: 8% Bull Trap on the Horizon
Currently, SHIB’s price remains in a consolidation phase. While Shiba Inu briefly broke above its upper resistance level, it was quickly pushed back due to Bitcoin’s volatility.
Over the past month, SHIB’s price movements have created a potential head-and-shoulders bearish reversal pattern. The left shoulder and head have already formed, and if SHIB experiences an 8% price increase to $0.00001450, the right shoulder will complete the pattern.
If SHIB faces rejection at the upper boundary, this could result in a 9% drop to $0.00001300. Should that support level fail, a further 15% decline to $0.00001095 is possible, completing the bearish reversal pattern.
Despite these technical indicators, Shiba Inu remains a project with a dedicated and resilient community. If broader market conditions improve, SHIB could defy bearish forecasts and potentially rally to $0.00001600.
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