Shiba Inu Investors Prepare for a Bull Run: What You Need to Know
If you’re a Shiba Inu investor, recent price dips may have left you feeling disheartened. However, there are signs that the current downtrend could be coming to an end. With the crypto entering the accumulation zone and transaction fees on the rise, it may be time to consider loading up on SHIB. Here’s what you need to know:
Shiba Inu Price Plummets to a 100-Day Low Amid Bearish Market Sentiment
In the past few weeks, Shiba Inu has faced significant selling pressure, resulting in a sharp decline in its price. After a brief spike in late May, where it reached $0.00002756, SHIB has since dropped by over 30%, falling below $0.000017. This downward trend has pushed the meme coin to a 100-day low, causing billions to be wiped off its market cap.
- Investors have attributed this decline to a broader trend of investors exiting meme coins, with Shiba Inu being no exception.
Network Activity Surges Despite Price Decline
Despite the drop in price, activity on the Shiba Inu network has remained robust. Data from Shibariumscan reveals a 493% increase in transaction fees on the Shibarium layer-2 network in the past week. This surge in fees is a result of heightened transaction volume on the network, signaling continued interest in the project.
- The number of new transactions on Shibarium saw a significant uptick, indicating growing engagement with the platform.
The Burning of SHIB Tokens
While transaction fees on Shibarium are paid in BONE tokens, a portion of these tokens are converted into SHIB and subsequently burned. This mechanism reduces the supply of SHIB tokens in circulation, which could have a positive impact on the token’s value over time. Decreasing supply often leads to increased scarcity and potential price appreciation.
What Lies Ahead for SHIB?
Currently trading at $0.00001702, Shiba Inu appears to be consolidating at its current levels. Expert opinions on the future of meme coins, including SHIB, are divided. While some believe that meme coin dominance may be waning, others see potential for further upside in Shiba Inu’s price.
- CryptoQuant CEO Ki Young Ju suggests that meme coin dominance in the altcoin market could be coming to an end.
- Analyst Javon Marks remains bullish on Shiba Inu, citing a potential 294% increase in price targets, with projections reaching $0.000081 and $0.0001553.
Hot Take: Shiba Inu’s Price Recovery Imminent
As a Shiba Inu investor, it’s essential to stay informed about the latest developments surrounding the token. While recent price movements may have been discouraging, the current accumulation zone and increased network activity signal a potential reversal in the trend. With experts offering differing perspectives on SHIB’s future price trajectory, it’s crucial to conduct thorough research and make informed investment decisions moving forward.
By
By
By
By
By