Multichain Price Prediction: As Shibie Coin Takes Off, Will MULTI Token Follow?

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Multichain Token (MULTI) is currently confined within a narrow trading range following its recent decline triggered by the Protocol Exploit. However, further fall seems imminent with negative developments.

$MULTI Token Reacts to Ethereum Wallet Activity Following Multichain Exploit

The $MULTI token is being influenced by recent developments involving an Ethereum (ETH) wallet linked to the Multichain exploit. This wallet, known for receiving funds from the Multichain team’s address and flagged as “suspicious,” sold $2.4 million of Chainlink’s token (LINK) and $1.8 million of WOO Network (WOO) tokens on Uniswap.

https://twitter.com/CoinCrux_Market/status/1687591743204769801

The wallet, set up recently, also got deposits of $800,000 in CRV tokens and $870,000 in YFI tokens. The tokens are now on sale on the Uniswap DEX. These events follow Multichain’s shutdown and Chinese authorities’ reported detainment of its CEO Zhaojun and his sister. Furthermore, a few weeks earlier, Multichain also experienced an incident where $130 million was stolen from various blockchains. The loot was then sent to a wallet marked as suspicious on Etherscan.

Multichain’s Downfall Sends Shockwaves Through Fantom Ecosystem

The exploit in Multichain has profoundly impacted the Fantom network, causing a notable decline in activity. Fantom’s co-founder Andre Cronje acknowledged the setback, citing a drop in total value locked (TVL) from $364 million in May to about $70 million by July 14. This was alongside a dip in the native FTM token’s price.

📢 Andre Cronje expresses disappointment as Multichain impacts Fantom's TVL! 💔📉 The setback caused by Multichain has led to a decline in Total Value Locked (TVL) in the Fantom ecosystem. What does this mean for the project's future? Let's discuss! 😮💭 #blockchain #Fantom

— Victor (⛩,🦖) ❤️ Memecoin ♥️ Memecoin (@Oxshadownft) July 20, 2023

Multichain’s shutdown following its CEO’s arrest triggered a series of events affecting Fantom’s bridges. Geist Finance, linked to Fantom, also shuttered due to losses. In response, Fantom is collaborating with Circle and Tether to recover assets and explore solutions for asset stabilization.

Nevertheless, Fantom News recently disclosed the contents of an email from the Multichain Team. While the email omitted details concerning the ongoing legal case in China, it did pledge that Fantom Foundation could seek reparation for its losses. The email requested the provision of essential information to facilitate the processing of this claim.

#Multichain Update from Fantom Foundation#Fantom $FTM $MULTI pic.twitter.com/lUqUr9UFLn

— Fantom News (@fantomnews) August 5, 2023

Multichain Price Analysis

The four-hour chart analysis of the Multichain token reveals a consistent consolidation pattern since July 20. This was followed by a substantial decline primarily attributed to the protocol’s exploitation. The prevailing sentiment remains bearish, given China’s ongoing legal proceedings and network operations cessation. Pertinent technical indicators pointing towards potential further decline corroborate this sentiment.

As the coin’s prices continue to consolidate, the juxtaposition of the higher Exponential Moving Average (EMA) above, the lower EMA, coupled with red-hued Absolute Oscillator (AO) histograms residing beneath the zero line, strongly suggests an impending downturn. Meanwhile, the Relative Strength Index (RSI) meanders along the middle line, indicating market indecision.

In the event of a breach and subsequent closure below the highlighted range, the level at $1.533 is poised to function as initial support. This would represent an 8% decline from the current price level. Conversely, on the upside, after surpassing the upper threshold of the consolidation range, the level at $1.840 is anticipated to provide preliminary resistance for the cryptocurrency pair.

The confluence of technical and fundamental factors collectively underscores the likelihood of an imminent downward price movement. Therefore, an alternative coin might attract investors with its exciting debut.

Alternative to Multichain Token

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While meme tokens often lack utility, they thrive on a dedicated following, as exemplified by the success of Dogecoin (DOGE). Shibie Coin ($SHIBIE) embodies a bold investment venture for those seeking to challenge traditional financial norms. It offers the potential for explosive price movements and returns.

Tokenomics: The Blueprint for Engagement

The heart of Shibie Coin’s community-centric approach lies in its tokenomics. With a total token supply of 10 billion, Shibie Coin ($SHIBIE) allocates 60% to the ongoing presale. This fosters inclusivity and diversity among investors. DEX liquidity is fortified by dedicating 20% of the supply, while 10% is reserved for centralized exchange (CEX) listings. An additional 5% each is apportioned for marketing initiatives and the dedicated project development team.

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Enter the presale now: https://t.co/0vq6u6CXw2 pic.twitter.com/PZoW2sxxHP

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According to expert analysis, Shibie coin features among the three best new altcoins to invest in.

Presale: Unveiling an Opportunity

Shibie Coin’s limited-time presale phase marks a pivotal entry point for investors. Offering 6 billion tokens at an accessible price of $0.000167 per token, the presale extends an invitation to both newcomers and seasoned crypto enthusiasts. Early investors can engage using Ethereum or Tether (USDT), with a minimum investment threshold of just 100 tokens. Beyond the investment allure, this presale aims to establish a robust foundation preceding the DEX launch. This is a strategic move that often signals a promising trajectory.

🚀 First milestone reached on the $shibie #presale! The excitement's building, and it won't be long till we're moon-bound. Get on board now, don't miss the ride! #crypto #launch 🌕https://t.co/0vq6u6CXw2 pic.twitter.com/oSdB5ZFK0v

— Shibie Coin | Live (@ShibieCoin) August 8, 2023

The presale campaign has achieved 20% of its ambitious $999,999 target, amassing a total of $209,315.92. The countdown to the presale’s conclusion stands at a mere six days.

Roadmap: Navigating Growth

Shibie Coin’s roadmap outlines an ambitious trajectory encompassing crucial milestones. Anchored by primary CEX listings, the project aims to expand its footprint, enhance accessibility, and stimulate market interest. CEX listings contribute to improved liquidity and reduced price volatility, underpinning $SHIBIE’s market positioning. Shibie Coin employs AI-powered Telegram bots, bolstering its presence and synergizing playfulness with valuable insights for the community.