SHIB Likely to Slide After the Recent Flush as DOGE Drifts and PEPE Runs

Three Things to Know

• A wallet tied to the Binance hot wallet exploit dumped its entire SHIB stash in minutes, and the price barely reacted.
• SHIB still trades below both key moving averages, with sellers firmly in control of the trend.
• The nearest support floor for SHIB sits just under the current price, and a break would open another leg lower.

The attacker behind the Binance hot wallet breach sold every SHIB token it held in a rapid burst of on-chain swaps.

That sale clears one source of supply, yet the meme coin sector is splitting. SHIB and DOGE keep sliding while PEPE climbs with buyers in charge. The key test is whether SHIB can hold its floor once the exploit story fades.

Exploiter Wallet Dumps 499.9bn SHIB in Eight Minutes

Binance reported an attack on one of its hot wallets on Oct 29, with damage put at around $6.3bn. That evening, an address tagged "Exploiter 2" received 499.9bn SHIB in three transfers.

The tokens did not sit long. Early on Oct 30, the wallet sold everything in 13 transfers within eight minutes. On-chain data shows 300.53bn SHIB went into the ShibaSwap SHIB/WETH pool, about 60.1% of the stash. The remaining 199.40bn, or 39.9%, went through Uniswap v3.

On-chain tracker Lookonchain said the haul fetched 873 ETH, worth about $1.96mn. That works out to roughly 14-15% below the market price. The exploiter accepted a steep discount to exit fast.

SHIB was one piece of a wider cleanup. The attacker swapped more than 130 altcoins into ETH and USDC. The total came to roughly $279mn.

The price barely flinched. Arbitrage bots spread the selling across exchanges, and the batch equaled just under 0.085% of the 589.2T circulating supply. The wallet now holds zero SHIB, so that overhang is gone.

Overhang Gone, Yet Sellers Still Steer Shiba Inu

Shiba Inu (SHIB) daily price with the nearest support (green) and resistance (red). Source: TradingView

Shiba Inu traded near $0.0000047 on Monday, flat over 24 hours. The calm hides a weak run. SHIB is down about 5% on the week and roughly 21% over the past month.

The exploiter's exit removed one source of selling. It did nothing to fix the chart. SHIB sits below its 50-day moving average near $0.0000051, the average closing price over the past 50 sessions. That line now acts as a ceiling on rallies.

Over a longer horizon, the picture looks worse. The 200-day average sits higher, near $0.0000055. With price under both lines, the trend points down on short and long time frames.

Momentum tells the same story. RSI, a 0 to 100 gauge of buying and selling pressure, reads 38. That is weak but not yet oversold, so sellers still have room to push. MACD also remains below its signal line, which means downside momentum has not faded.

Trend strength readings show sellers in charge. Buyers have not shown up in size since the dump cleared.

The floor to watch sits near $0.0000045. A daily close below it would expose the next support around $0.0000041, another leg lower of roughly 9%.

Bounces face a tight lid. The first resistance sits close by at about $0.0000048. A push through that level would bring $0.0000050 into view. SHIB would still need to clear the 50-day line before the trend could turn.

Dogecoin Drifts Lower While Momentum Quietly Turns

Dogecoin (DOGE) daily price with the nearest support (green) and resistance (red). Source: TradingView

Dogecoin looks much like its smaller rival. DOGE traded near $0.075, down about 2% over 24 hours. It has lost roughly 22% in a month.

The biggest meme coin also sits below both key averages. The 50-day line near $0.082 caps rallies first. The 200-day average waits higher, around $0.090. Sellers control the daily trend.

One detail sets DOGE apart. MACD has crossed above its signal line, an early hint that selling pressure is tiring. It is a first sign only, and price has not confirmed it yet.

RSI sits at 36, weaker than SHIB's reading. Buyers remain on the back foot, though the gauge is still above oversold territory.

Support sits near $0.069. A break there would leave little in the way until about $0.056, a much deeper drop. On the upside, $0.078 is the first hurdle. Clearing it would open a run toward $0.084, just above the 50-day line.

How PEPE Breaks From the Meme Pack

Pepe (PEPE) daily price with the nearest support (green) and resistance (red). Source: TradingView

Pepe tells a different story. The frog-themed token gained about 8% over the week and roughly 13% over the month, while its two larger peers slid.

The token trades above both key averages. The 50-day line sits near $0.0000043, with the 200-day average lower still. Those lines now sit under the price and act as floors, the reverse of the setup on SHIB and DOGE.

Buyers lead the trend here, and momentum is still building.

RSI reads 60. That marks solid buying pressure, yet it stays well short of the overheated zone above 70. Buyers have room to push before the rally looks stretched.

The next ceiling sits near $0.0000057. A clean break there would leave no marked resistance overhead. The first floor is around $0.0000046. A slip below it would point toward $0.0000042, just under the 50-day line.

Where the Next 72 Hours Turn

SHIB's next move depends on which side of its tight range gives way first.

• Bullish: A daily close above first resistance would let buyers aim for the next ceiling just below the 50-day line. A close back under the nearest floor would cancel that setup and hand control back to sellers.
• Bearish: A close below the nearest floor would put the lower support in play, extending the monthly slide. A recovery above first resistance would invalidate the bearish case.

Clean Supply Is Not a Trend Change

The exploiter's wallet is empty. Until SHIB reclaims the 50-day line, the path of least resistance points lower.

Risks remain. The attacker still holds a large ETH stash, and fresh exploit-related selling could rattle markets. Broad weakness tends to hit meme coins first and hardest.