- Shibarium, the Layer-2 blockchain for Shiba Inu, has seen a big drop in transactions by 97%.
SHIB’s price has increased by 10% over the last month, maintaining its market rank at No. 12 with a $14.6 billion cap.
As a researcher with experience in the cryptocurrency market, I find the current state of Shibarium and its impact on Shiba Inu (SHIB) quite intriguing. The sudden drop of almost 97% in transactions on Shibarium over the past month has raised concerns about its health and potential implications for SHIB’s price.
As an analyst, I’ve noticed that Shibarium, the secondary blockchain supporting the well-known meme token Shiba Inu [SHIB], has recently experienced a significant decline in transactional activity.
I’ve noticed a significant drop in transaction volumes over the past month, down by almost 97%. This decline has prompted me to delve deeper into the situation surrounding Shibarium and assess its possible implications for SHIB‘s pricing.
In spite of the obstacles, Shibarium has seen a total of approximately 417 million transfers since its debut in August 2021, indicating a gradual increase in usage from year to year.
A closer look at the tumble
On the 17th of April, Shibarium witnessed a record-breaking peak of 562,990 daily transactions in a single day. In contrast, the transaction volume has significantly decreased, with only 11 transactions taking place today.
As a crypto investor, I’d put it this way: The current price of Shiba Inu is sitting at $0.0000248 on the clock. This digital currency continues to hold its ground as the 12th largest cryptocurrency by market capitalization, which amounts to approximately $14.6 billion according to the latest figures.
In spite of a decrease in transactions during the last month, Shib has experienced a gain of 10%, while there has been a slight uptick of 2.44% in its price within the past week.
As an analyst, I would interpret these price fluctuations as a reflection of persistent bullishness among investors regarding the second-largest meme coin.
The current market feeling towards Shiba Inu, based on technical signals, was strongly optimistic, reflecting in a bullish rating of 83%.
The Fear & Greed Index reads a value of 73, indicating “Greed” territory. Bulls remained dominant in the market.
How SHIB is doing now
According to Coinglass’s data analysis, trading volume decreased by approximately 19.24%, while open interest experienced a modest dip of around 1.58%.
This reflected reduced trading activity and potentially waning short-term interest among traders.
The behavior of the SHIB market lately reflects a battle between buyers and sellers, as indicated by the fluctuating trade volumes and ambiguous investor feelings.
Read Shiba Inu’s [SHIB] Price Prediction 2024-2025
Based on the present irregularities and instability depicted in the graph, Shiba Inu (SHIB) could potentially exhibit further oscillations with a mildly bearish trend in the immediate future.
For those following the market, it would be wise to keep an eye on two possible scenarios. The first is a significant drop beneath the current support level at 0.00002475. Should this occur, it may signal a downtrend and provide more clarity on the asset’s future direction.
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2024-05-20 05:11