Losing Momentum
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has recently experienced a significant surge in price, gaining almost 20% in the past two weeks. However, this momentum was short-lived as its price dropped by 4.5% in the last 24 hours. Currently, SHIB is trading at around $0.00001868, according to CoinGecko.
The price decline is accompanied by a noticeable decrease in key metrics within the Shibarium ecosystem. The number of active accounts on the network has decreased from 631 on July 17 to 209 on July 18. Additionally, both daily transactions and new blocks processed on the protocol have also seen a decline.
Potential Resurgence
Despite the recent setbacks, some indicators point towards a potential resurgence for SHIB in the near future. While the broader meme coin market is also experiencing declines, the reduced selling pressure on SHIB could pave the way for a turnaround. Investors will be closely monitoring the market to see if SHIB can regain its momentum and continue its upward trajectory.
The Launch of Shibarium: Enhancing the Shiba Inu Ecosystem
Shibarium, a platform launched in August last year, aims to boost the development of the Shiba Inu ecosystem by focusing on improving speed, scalability, and reducing transaction costs. Over the past few months, it has achieved several significant milestones, with experts suggesting that its continued progress is crucial for the potential price increase of SHIB.
Recent Upgrades and Enhancements
Recently, Shibarium underwent important upgrades, including a new user interface (UI) update. The team described the update as “faster, smoother, and more accessible than ever,” with the primary goal of ensuring compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet.
Stay Updated with Shibarium News
For the latest updates on the Shibarium ecosystem, be sure to visit our Shibarium news section to stay informed about new developments and enhancements.
Market Trends and Potential Influences
It is important to note that the decline in the meme coin realm, including Shibarium, could be one of the factors affecting SHIB’s price on July 18. The market capitalization of meme coins, such as Dogecoin, has decreased by nearly 2% for the day, reflecting ongoing market trends that could impact SHIB’s performance.
Shiba Inu Leads the Pack
Shiba Inu (SHIB) is currently outperforming other popular meme coins like Dogecoin (DOGE) and Floki Inu (FLOKI). Despite the overall market being in the red, SHIB has shown resilience and is on the verge of a potential breakout.
The Rise of Self-Custody
One interesting trend to note is the shift towards self-custody methods in the crypto space. This shift is seen as a bullish sign for Shiba Inu, as it reduces the immediate selling pressure on the coin. With more investors opting for self-custody solutions, SHIB could see a fresh resurgence in the near future.
Positive Metrics for SHIB
Metrics like the SHIB exchange netflow being predominantly negative in the last seven days indicate a potential turnaround for the coin. While other meme coins struggle to stay afloat, Shiba Inu seems to be gaining momentum and attracting interest from investors.