- It was rumored that Satoshi Nalamoto broke silence on the internet after 5 years.
- SHIB’s market sentiment turned bearish along with multiple market indicators.
The Shiba Inu [SHIB] administration has notified the community of a potential Satoshi account threat. An administrator on the Shiba Inu Discord channel, DaVinci, issued an apology for raising excitement related to a compromised Satoshi account. The episode stirred things up in the community as many expected a bull run for Shiba Inu in the days to come.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
What caused the chaos?
The story began when an intriguing news broke in the Shiba Inu community. It said that Satoshi Nakamoto, the alleged creator of Bitcoin, broke silence on the internet after 5 years.
And a Shiba Inu admin raised hopes of Satoshi Nakamoto possibly initiating a bull run in the crypto market.
— 𝑺𝒂𝒏𝒅 | Summer of Shibarium (@Sand_ShibArmy) October 2, 2023
However, as time passed, the admins provided more clarity. DaVinci later disclosed that he received a warning that the Satoshi Nakamoto account on X was hacked.
Therefore, it put an end to investors’ expectations of witnessing SHIB’s price pump in the near term because of a bull rally. The incident also had a negative impact on the meme coin’s market sentiment.
LunarCrush’s data revealed that SHIB’s social engagement increased in the last 24 hours. However, most mentions were negative, as bearish sentiment around the meme coin surged substantially in the last 24 hours.
As bearish sentiment increased, SHIB’s Altrank also went up, suggesting a price decline in the days to come.
This is what investors can expect
While this happened, the memecoin’s price also got affected. According to CoinMarketCap, SHIB’s price dropped by nearly 1.5% in the last 24 hours.
At the time of writing, it was trading at $0.000007182 with a market capitalization of over $4.2 billion, making it the 18th largest crypto. SHIB’s 24-hour trading volume also dropped by more than 18%, meaning that investors were less interested in trading the meme coin.
CryptoQuant’s data revealed a bearish signal, which was its exchange reserve. The meme coin’s exchange reserve was increasing, suggesting the selling pressure on SHIB was high.
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A check of SHIB’s daily chart gave more reasons for concern. For instance, the Money Flow Index (MFI) registered a steep decline. Its Chaikin Money Flow (CMF) also followed a similar declining trend.
Additionally, its MACD displayed the possibility of a bearish crossover, which can cause a further plummet in Shiba Inu’s price.