Shiba Inu (SHIB) Struggles While Dogecoin (DOGE) Thrives
Recent trends indicate that Shiba Inu (SHIB) is experiencing challenges compared to other major cryptocurrencies, specifically Dogecoin (DOGE). Over the past seven days, SHIB has seen a significant decrease of 7.26%, with an additional 2.58% drop in the last 24 hours. In contrast, DOGE has surged by 12% during the same period, showcasing its resilience in the market.
Shiba Inu’s Shibarium Metrics Decline
Shiba Inu’s Shibarium, an Ethereum-based layer-2 solution, is witnessing a decline in vital metrics over the past 24 hours. This decline includes reduced user engagement, transaction volume, and other crucial indicators, impacting overall market sentiment towards the token.
- Shibarium Linked to Price Movements
- Shibarium, closely tied to SHIB’s price movements since its launch, plays a significant role in driving price fluctuations.
- Historically, SHIB has experienced notable gains during active periods on the network, driven by increased transactions and positive market sentiment.
- Recent Shibarium Data
- Recent data from Shibariumscan reveals a significant decrease in activity.
- The number of active accounts has dropped by 83%, and new transactions have decreased sharply.
Concerns About Shibarium’s Activity
The decline in user engagement and transactional activity on Shibarium raises concerns about its impact on SHIB’s performance in the market. These low metrics may indicate broader challenges within the Shiba Inu ecosystem, affecting investor interest in meme coins and utility tokens.
- Resilience of Shiba Inu
- Despite the current slowdown, Shiba Inu has a strong community base that has shown resilience over the years.
- Temporary slowdowns in Shibarium’s activity could be addressed with whale accumulations or community updates from the Shiba Inu team.
- Bullish Activity
- Some SHIB bulls are actively working to push the token’s price upwards.
- Significant increases in SHIB burns, aimed at reducing circulating supply, may positively impact SHIB’s long-term price performance.
At the moment, SHIB is trading at $0.00001744, showing signs of a rebound from a support level of $0.00001710.
Hot Take: SHIB’s Current Performance
Current statistics suggest that Shiba Inu (SHIB) is facing challenges in the market, especially when compared to its counterpart, Dogecoin (DOGE). The decline in Shibarium metrics and the overall lack of bullish sentiment surrounding SHIB may impact its future price movements. However, active efforts from SHIB bulls and potential community updates could help drive SHIB’s price towards a positive trajectory in the long run.
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