Shiba Inu price continues to consolidate as investors reflect on the recent Shibarium hack and as talk of a spot SHIB ETF grows. The SHIB token was trading at $0.00001312.
SHIB ETF and Shibarium Hack Updates
The ongoing Shiba Inu price consolidation could be about to end soon as bullish catalysts build.
One of the potential catalysts that may push it higher in the coming weeks is the potential filing for the spot SHIB ETF.
A key motivation for such a launch will be the successful listing of the Rex Osprey Dogecoin ETF on Thursday, which led to a surge in volume. As such, it is likely that at least one of the companies will file for an SHIB ETF.
The other main reason why an SHIB ETF may be coming is that the Securities and Exchange Commission published the listing standards for accelerated crypto ETF approval.
The new guidelines noted that cryptocurrencies with regulated Coinbase futures on base will have a higher chance of approval. Shiba Inu is one of the 20 coins that fit this criteria.
To be clear, it remains unclear whether future SHIB ETFs will be successful in terms of assets. However, a potential filing and listing will be enough to boost its price over time.
Meanwhile, according to public statements, the team behind Shiba Inu and its broader ecosystem is still working to address the recent Shibarium hack.
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In a statement, they noted that they had launched a 50 ETH bounty to the attacker if they returned all the stolen funds, submitted a whitehat disclosure, and ceased movements of the affected tokens.
The recent hack occurred when a hacker exploited a 4.6 million BONE flash loan. He gained access to validator signing keys, achieved majority validator power, and signed a malicious state to drain the funds. Most of the BONE remained locked as it was still delegated to Validator 1.
Shiba Inu Price Technical Analysis
The daily timeframe chart suggests that the Shiba Inu price may be in accumulation mode, characterized by sideways movements.
In this case, the coin has formed a symmetrical triangle pattern whose two lines are nearing their confluence. It is also consolidating at the 50-day and 100-day Exponential Moving Averages (EMA).
Therefore, this chart suggests an eventual rebound in either direction, with odds favoring the upside as the altcoin season continues and the impact of the Federal Reserve interest rate cuts becomes more pronounced.
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