As the broader market continues its downward journey, it has spared no one but XRP as Ethereum, Solana and even Shiba Inu suffer significant losses. Adding to the problems of SHIB holders is the Ethereum OpenSea “fraud” warning from the development team.
Shiba Inu keepers warned!
In a recent tweet, the SHIB team announced that their investigative team is investigating the fraud. Until further updates, the Shiba Inu team has asked all its Shiboshi holders to remain alert to any major update from OpenSea and the team working with their NFTs.
In addition, as a security measure, it was also recommended to disconnect from their NFTs and disconnect them from their wallets.
In a subsequent tweet, the team further elaborated on the status of the investigation.
At this point, we are reporting that our team has been monitoring the situation in what appeared to be an exploit resulting from a “phishing attack” that has affected many users using the @open sea platform.
Here’s a more comprehensive look at the events that happened today.. https://t.co/TCR8dfCOS4
— Shib (@Shibtoken) February 20, 2022
Now, while SHIB holders may be safe from the fraud, they are suffering in their own way thanks to the state of the market.
As the charts continued to flash red candles, Shiba Inu appeared to be one of the market’s biggest losers at the time of writing. Falling more than 10% in the last 24 hours, the altcoin has added to its 18.84% decline in the past 5 days. While it didn’t void February’s 58% rally, it’s getting closer.
It could even hit the local bottom soon as today’s plunge led the meme coin to lose the 50 and 200-day Simple Moving Averages as support. This is the first sign of bearish momentum going forward.
Shiba Inu price promotion | Source: TradingView – AMBCrypto
The second indication comes from the active squeeze that Shiba Inu may be entering. With each squeeze release, SHIB has suggested a rise or recovery.
It is only during the active squeeze when SHIB usually drops. So, with the current bullishness easing, SHIB will eventually get into the squeeze after which it could see a decline.
As long as it stays above $0.00002032 (critical support), investors will be fine.
The lack of a price hike and rally has already calmed investors this month. On average, there were only 5k – 7k investors active in the last 20 days. This is not surprising given that the community only looks alive when the altcoin is doing well.
Shiba Inu active investors | Source: Intotheblock – AMBCrypto
In addition, the high correlation of Shiba Inu to Bitcoin is also a barrier to recovery. As long as the king coin keeps sliding, it will also drag down SHIB.
Shiba Inu correlation with Bitcoin | Source: Intotheblock – AMBCrypto
Perhaps, the next time we see SHIB investors active, it could be during a sale.
This post The next time SHIB investors are up and running, it could be during…
was published first on https://ambcrypto.com/the-next-time-shib-investors-are-active-it-could-be-during/
