Shiba Inu (SHIB) has experienced a rollercoaster ride in terms of its price recently. The second-largest meme coin in terms of market capitalization saw a substantial surge in the past two weeks, with its price jumping by almost 20%. However, this rally was abruptly halted in the last 24 hours, with SHIB’s price dropping by 4.5% to approximately $0.00001868 per CoinGecko’s data.
The recent decline in SHIB price coincides with a plunge in essential metrics within Shibarium’s ecosystem. Active accounts on the network have drastically decreased from 631 on July 17 to 209 on July 18. Additionally, new daily transactions and new blocks processed on the protocol have also seen a decline. Shibarium, which aims to improve speed, scalability, and transaction costs within Shiba Inu’s ecosystem, has played a significant role in the coin’s development and potential price increase.
Shibarium has undergone crucial upgrades, including a new user interface (UI) update for enhanced user experience. The team behind Shibarium described the update as “faster, smoother, and more accessible than ever,” with a primary goal of compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet.
The broader meme coin market has also witnessed declines, with SHIB’s market capitalization down nearly 2% in a day. Other meme coins like Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), Brett (BRETT), have also experienced price dips. However, dogwifhat (WIF) managed to spike by 3% in the past 24 hours.
Despite the recent setbacks, there are indicators suggesting a potential resurgence for Shiba Inu in the near future. CryptoQuant data shows that SHIB exchange netflow has been predominantly negative in the last week, indicating a shift from centralized platforms to self-custody methods. This shift is generally viewed as bullish as it reduces immediate selling pressure on the coin.
Overall, the recent price fluctuations of Shiba Inu reflect the volatility and unpredictability of the cryptocurrency market. While the coin has faced challenges in the past 24 hours, developments within Shibarium and potential market shifts indicate that SHIB may recover and continue its journey in the world of meme coins.
Leave a Reply