After having dropped as much as 20% on the day, the Shiba Inu (SHIB) price has somehow managed to recover into the green despite the broader crypto crash, but nervous Shiba holders nonetheless continue to shift funds to a new ICO as they set their sights on 1,100% returns.
SHIB was last trading close to $0.00001350, having briefly dipped under $0.000011 earlier in the session.
The downside volatility seen in Shiba Inu comes amid a broader crypto market crash. Bitcoin (BTC) is down over 7% in 24 hours and Ethereum (ETH) is down around 20%, CoinMarketCap shows.
The crash comes amid concerns that the US (and global) economy is tilting towards recession, and that the Fed won’t respond fast enough.
The Federal Reserve was too slow to raise rates. Now it is too slow to lower them.
— Bill Ackman (@BillAckman) August 5, 2024
The rushed unwinding of the hugely popular pro-risk Japanese yen carry trade amid BoJ hawkishness, as well as potential forced ETH selling from Jump Crypto is also weighing crypto assets.
Jump liquidating their crypto book into thin markets on a summer Sunday afternoon, perfectly sums up why their crypto operation is such a mess.
For a shop that’s spun out so many smart builders in this space, the operation always seems like a clusterfuck. https://t.co/jCTdtGUFYR
— Adam Cochran (adamscochran.eth) (@adamscochran) August 4, 2024
SHIB may have recovered well from earlier session lows but remains in a strong downtrend.
If this is the start of a new crypto crash, then SHIB could soon be headed back to 2023 lows under $0.000006.
That would mean more than 50% downside from current levels.
Its no surprise then that Shiba Inu holders are seeking shelted in a new ICO with big potential called Shiba Shootout (SHIBASHOOT).
New ICO Shiba Shootout (SHIBASHOOT) – A P2E and Passive Income Gem
Shiba Shootout is a Wild West-themed play-to-earn (P2E) Shiba Inu dog meme coin.
The new ICO’s P2E game has already launched on Google Play and the Apple App Store.
To power its ongoing development and marketing endeavors, Shiba Shootout is conducting a presale of its native SHIBASHOOT token.
The new ICO is enjoying strong momentum, having already secured nearly $900,000 in early investment.
🚀 Join the ‘Shiba Shootout’ presale for $SHIBASHOOT tokens!
1️⃣ Prepare your crypto wallet.
2️⃣ Go to our presale section on the website.
3️⃣ Connect your wallet.
4️⃣ Swap crypto for $SHIBASHOOT!
Get set for the ultimate digital duel! 🌐💥https://t.co/OmlNvMLbUw pic.twitter.com/NV21EXliN4
— shibashootout (@shibashootout) August 5, 2024
35% of the SHIBASHOOT token supply will be up for grabs during the presale.
20%, meanwhile, has been reserved for staking rewards.
That means that not only is SHIBASHOOT one of the most promising P2E project’s out there, but it is also a passive income gem.
Presale investors can immediately stake their tokens for around 1,100% APY yields, per the official website.
At those yields, a presale investor can double their SHIBASHOOT bag in as little as a few weeks.
Shiba Shootout’s new ICO could accelerate in wake of a number of crypto influencers coming out in support of the project.
Michael Wrubel told his 312,000 YouTube subscribers that he thinks SHIBASHOOT could be the next 100x Shiba Inu gem.
Other analysts like ClayBro, Austin Hilton and Zach Humphries are also backing the coin. They have a combined YouTube following of over half a million.
Analysts at Cryptonews.com are also big fans of the new ICO, ranking it amongst their best presales to buy now.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
