Shiba Inu SHIB/USD swung wildly between 9 a.m. and 10 a.m. after news hit that cryptocurrency platform FTX had filed for bankruptcy.

The volatility took place in tandem with apex cryptocurrencies Bitcoin BTC/USD and Ethereum ETH/USD.

Between 9 a.m. and 9:30 a.m., Shiba Inu plunged over 6% before spending the following 30 minutes rebounding almost completely up to the $0.00001 level. Since then, Shiba Inu has been consolidating the volatility on smaller time frames, settling into a series of inside bars on the 15-minute chart.

Meanwhile, FTX CEO and founder Sam Bankman-Fried announced his resignation from the company. He will be replaced by John Ray III, who some reports say is the same person who oversaw the Enron Corporation bankruptcy.

The news comes as a disappointment after consumer price index data released by the U.S. Bureau of Labor Statistics on Thursday morning showed inflation ticked lower in October, coming in at 7.7% versus the 8% estimate. The news provided momentum to the crypto sector and boosted Bitcoin up from its almost 2-year low. Shiba Inu rebounded almost 17% in unison.

Despite the downturn during Friday’s 24-hour trading session, Shiba Inu remains trading in an inside bar pattern on the daily chart, which leans slightly bullish because Friday’s candlestick is printing near the top of Thursday’s range.

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The Shiba Inu Chart: Traders and investors will want to see Shiba Inu break up or down from Thursday’s mother bar on higher-than-average volume later Friday or over the weekend to determine future direction. If the crypto breaks above Thursday’s trading range, Shiba Inu is likely to regain the eight-day exponential moving average, which would give bullish traders more confidence going forward.

• Shiba Inu could also continue to trade sideways, settling into a series of inside bars over the weekend. If that happens, traders and investors can watch for a tightening range to take place on lower-than-average volume.
• There’s a possibility the sideways consolidation taking place could be forming a bear flag on Shiba Inu’s chart, with the downward sloping pole formed between Tuesday and Wednesday and the flag forming over the last two 24-hour periods. If the bear flag continues to print and Shiba Inu breaks down bearishly from the formation, the measured move is about 26%, which suggests the crypto could eventually retrace toward $0.00000777.
• Shiba Inu has resistance above at $0.00001081 and $0.00001178 an support below at $0.00000975 and $0.00000856.

See Also: Why Are Bitcoin And Other Cryptos Falling Today?

Elon has been one of the most outspoken individuals in the cryptocurrency sector, but his brother Kimbal Musk has his own set of beliefs when it comes to the digital asset class.

Kimbal stated in an interview with Input Magazine that he is concerned about cryptocurrency’ negative impact on the environment.

He didn’t mince words, actually:

“I am violently opposed to anything with that degree of environmental damage,” Kimbal told Input Magazine.

Related Article | Could An Elon Musk Time Magazine Cover Predict The Crypto Cycle Peak?

Kimbal Musk Says Crypto An ‘Environmental Crisis’

“Cryptocurrency as it currently exists is a non-starter. I violently agree that we must fix this environmental crisis,” he said.

Mining bitcoin has been shown to consume an enormous amount of energy. A single BTC transaction is projected to eat up 2,292.5 kilowatt-hours of electricity, which is sufficient to run a normal US home for nearly 80 days.

This is the reason why his brother Elon stopped accepting bitcoin payments for Tesla vehicles last year, despite the fact that the electric car manufacturer still has roughly $2 billion in bitcoin on its balance sheet.

With over 200,000 transactions each day – and counting – worry about crypto’s environmental impact has grown.

Tesla announced in a filing with the US Securities and Exchange Commission on February 8 last year that it had invested $1.5 billion in Bitcoin.

BTC total market cap at $744.56 billion in the daily chart | Source: TradingView.com

Tesla ‘Very Ignorant’

Elon’s younger brother stated last week that Tesla was initially “completely ignorant” of Bitcoin’s environmental implications when it introduced the cryptocurrency to its balance sheet.

Kimbal is the owner of the environmentally friendly restaurant business The Kitchen and is reported to have a net worth of $700 million.

He is on the boards of directors of Tesla and SpaceX and holds a sizable stake in the space exploration company.

Related Article | Elon Musk Explains DOGE Edge Over Bitcoin, But Where Is He Wrong?

Kimbal announced the development of a decentralized autonomous organization (DAO) in December last year with the goal of enabling “decentralized charity.”

He discussed a variety of issues with Input Magazine , including his thoughts on wealth and his food equality cryptocurrency initiative, “Big Green DAO.”

BGDAO is built on the Ethereum blockchain and provides each member with a single vote on the decentralized autonomous organization’s decisions.

On Carbon Footprints & Being ‘Cautious’

Kimbal did express optimism for Ethereum 2.0, which is expected to consume significantly less energy than ether and is also expected to be more secure.

Meanwhile, environmentalists claim that cryptocurrency’s rise is creating a massive carbon footprint, thereby contributing to the world’s climate problem.

Kimbal also shared the tips that his brother has given him when it comes to cryptocurrencies.

“To be honest, I have no idea what his position is on crypto,” he told Input. “The most important piece of advice I received from my brother is ‘be cautious,’” he said.

Featured image from MarketWatch, chart from TradingView.com