Shiba Inu Price Drops 1% as SHIB Lead Developer Warns of Scams and Misinformation

The Shiba Inu price has plunged by 1% in the last 24 hours to trade at $0.00001773 as of 2:40 a.m. EST on a 22% surge in trading volume to $506 million. This comes as Shiba Inu’s lead developer, Shytoshi Kusama, recently took to X to warn about scams parading as Shiba Inu. In a post shared by the lead dev on July 21, it was brought to attention that Crypto.com revealed incorrect information about the $TREAT token. 

“Unfortunately, Crypto.com incorrectly reported on our TREAT token, which has not yet been launched,” the developer said.

Correct. Sadly @cryptocom wrote about our TREAT token that is not yet launched, assuming incorrectly that it was.

Proceed with caution with this other Treat token (and many other spoofs that will inevitably be created to scam you). #DYOR https://t.co/bkSZVbSfOu

— Shytoshi Kusama™ (@ShytoshiKusama) July 21, 2024

Moreover, the platform has cautioned SHIB holders to be vigilant against scammers on Telegram who are impersonating Shytoshi Kusama and requesting for funds.

Watch out for scammers on #Telegram impersonating @ShytoshiKusama and asking you for funds.

Kusama will never request funds from you.

Stay SAFE #Shibarium pic.twitter.com/RSpjOWATtm

— Shibarmy Scam Alerts (@susbarium) July 20, 2024

Shiba Inu Price Statistics

• Shiba Inu price:$0.00001773.
• Market cap: $10.5 Billion.
• Trading volume: $506 Million
• Circulating supply:589 Trillion 
• Total supply:999 Trillion

Shiba Inu Eyes a New High Above the Bullish Triangle

The Shiba Inu (SHIB) has recently exhibited a noteworthy upward trend despite facing a constant battle between bullish and bearish forces. This price action reflects the resilience of buyers who refuse to allow the price to dip into a bearish trend. 

The strength of this resilience is particularly evident at the $0.00001682 support level, where buying activities intensify effectively to prevent further declines. This level has emerged as a crucial support point, consistently showcasing buyers’ determination to maintain the price above this threshold.

The chart shows SHIB signals a strong potential for a bullish breakout, suggesting the anticipated bull rally could continue. The market price is on track to surpass the 50-day simple moving average (SMA). If SHIB’s price manages to break above this level, it would indicate a strengthening bullish trend, as it would demonstrate that the recent price action is gaining upward momentum.

SHIB is already trading above the 200-day SMA, which is a critical long-term indicator acting as a support level for SHIB’s price. The relative strength index (RSI) also supports the chances of the continuation of a bullish trend, as it is seen in our daily chart that it shows resilience to going downwards by forming a slight curve. It may form a spike after some time to sustain the upward momentum.

The moving average convergence divergence(MACD) also signals a further rally as the blue line flows above the orange signal line. Additionally, the green histograms maintain their momentum steadily.

Shiba Inu Price Prediction

The combination of trading above the 200-day SMA and the potential to surpass the 50-day SMA is a bullish signal. The 200-day SMA acting as support indicates strong underlying demand and market confidence. 

If the price surpasses the 50-day SMA, it would increase the likelihood of a continued upward trend. Despite the ongoing struggle between bullish and bearish forces, the bulls have shown strength by pushing the price up, eyeing to reach a target price of $0.00002044. If the bears gain control and pull the price down, they will be able to drop it to $0.00001571.