- It was rumored that Satoshi Nalamoto broke the silence on the Internet after five years.
- SHIB market sentiment turned bearish along with multiple market indicators.
The Shiba Inu [SHIB] The government has notified the community of a possible threat to a Satoshi account. An administrator of the Shiba Inu Discord channel, DaVinci, apologized for stirring up excitement over a compromised Satoshi account. The episode sparked unrest in the community as many expected a bull run for Shiba Inu in the coming days.
Read Shiba Inus [SHIB] Price prediction 2023-24
What caused the chaos?
The story began when intriguing news broke out in the Shiba Inu community. It said that Satoshi Nakamoto, the alleged creator of Bitcoin, broke the internet’s silence after five years.
And a Shiba Inu administrator hoped that Satoshi Nakamoto might initiate a bull run in the crypto market.
Attention #ShibArmy Be careful! Please read Vinci’s announcement pic.twitter.com/LV4tPe9wUP
— 𝑺𝒂𝒏𝒅 | Summer of Shibarium (@Sand_ShibArmy) October 2, 2023
However, as time went on, administrators provided more clarity. DaVinci later announced that he had received an alert that the Satoshi Nakamoto account on X had been hacked.
Therefore, it put an end to investors’ expectations that they would witness SHIB’s share price rise in the near term due to a bull rally. The incident also negatively affected the meme coin’s market sentiment.
LunarCrush’s data showed that SHIB‘s social engagement has increased over the past 24 hours. However, most mentions have been negative as bearish sentiment around the meme coin has risen significantly over the past 24 hours.
As bearish sentiment increased, SHIB’s Altrank also rose, indicating prices would fall in the coming days.
Source: LunarCrush
Here’s what investors can expect
While this was happening, the price of the memecoin was also affected. According to CoinMarketCapSHIB’s price has fallen by almost 1.5% in the past 24 hours.
At the time of writing, it was trading at $0.000007182 with a market cap of over $4.2 billion, making it the 18th largest crypto. SHIB’s 24-hour trading volume also fell by over 18%, meaning investors were less interested in trading the meme coin.
CryptoQuant’s facts revealed a bearish signal, which was the exchange rate reserve. The meme coin’s exchange reserve increased, indicating that selling pressure was increasing SHIB was high.
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A check of SHIB’s daily chart revealed even more reasons for concern. For example, the Money Flow Index (MFI) registered a sharp decline. The Chaikin Money Flow (CMF) also followed a similar downward trend.
Moreover, the MACD showed the possibility of a bearish crossover, which could cause a further decline in Shiba Inu’s price.
Source: TradingView