SHIB
End Of The Road? Shiba Inu’s Shibarium Sees Massive 80.3% Crash In Active Accounts
The Shibarium network, an Ethereum Layer 2 network that was developed and launched by the Shiba Inu team, did well following its initial launch in August 2023. However, less than one year following its launch, the Layer 2 network has run into some hard times, losing market share to larger counterparts. This has led to a decline in activity for the network as a whole, and so far this week, the Shibarium network has seen a major decline in active accounts.
Shibarium Active Accounts Drop 80.3% In 4 Days
The Shibarium network is currently struggling with adoption of the blockchain as its parent Layer 1 blockchain, Ethereum, is fighting against the likes of Solana to keep its users. Furthermore, Ethereum Layer 2 networks such as Base by Coinbase have also drawn out a reasonable number of decentralized finance (DeFi) users, putting it ahead of Shibarium.
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As a result of this, the Shibarium network has been unable to keep users, leading to a decline in active addresses. According to data from ShibariumScan, active accounts at the start of the week, on Sunday, July 21, were sitting at a mere 667. As the week has drawn on, this already small figure has crashed further down.
On Wednesday, July 24, the total active accounts recorded on the Shibarium network was only 131. This means that between Sunday and Wednesday, the total active accounts on the Ethereum Layer 2 network had plummeted by 80.3%.
In the same vein, there has also been a notable decline in new transactions. This metric saw a total of 6,353 transactions on Sunday. However, by Wednesday, the figures had declined to 1,023, representing an approximately 84% decline.
Likewise, the number of new blocks mined dropped 66.6% from 17,220 on Tuesday to 5,739 on Wednesday. These all show that interest in the Shibarium network is completely down with number of new accounts created was only 11 on Tuesday, July 23.
Playing With The Big Dogs
While the popularity and success of Shiba Inu over the years played into the anticipation for the Shibarium network, it has failed to live up to the app. When it comes to Ethereum Layer 2 networks that were launched between 2023 and 2024, the Shibarium network doesn’t hold up a candle to these other players.
Currently, the Total Value Locked (TVL) on the Shibarium network is only $1.5 million, according to data from DeFiLlama. In contrast, Coinbase’s Base network was launched in the same month of August 2023 as Shibarium currently boasts $2.175 billion in TVL.
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The Linea network was launched a few months before Shibarium in March 2023, and the Layer 2 network currently has a TVL of $1.198 billion. Likewise, the BLAST network, which was launched much later in February 2024, has $1.47 billion in TVL.
What this suggests is that the Shibarium network may have failed, given its incredibly low usage. However, there is always the question of if the Layer 2 network will be able to rise from the ashes and become a top DeFi contender once again.
Featured image created with Dall.E, chart from Tradingview.com
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Shiba Inu price, a popular meme-based cryptocurrency, has seen a significant decline over the past week amid bearish market trends. Despite minor market rebounds, SHIB’s price action indicates potential for growth as it hovers near critical support levels. Meanwhile, Bitcoin fell below $95,000, contributing to a wider downturn across the cryptocurrency market raising questions about stability amid ongoing volatility.
Will Shiba Inu Price Recover or Dip Beyond Support Line?
A crypto analyst tweeted about the potential price movement of Shiba Inu, emphasizing a critical support level. According to the analyst, Shiba Inu must maintain this support to pave the way for a possible significant price surge.
The tweet highlighted a chart indicating a key horizontal support area that SHIB is currently testing. This support zone has historically been a crucial point for price stability, marking a potential reversal zone for the cryptocurrency. If the price holds at this level, the analyst predicts a substantial upward movement could follow.
Shiba Inu price experienced a sharp decline from recent highs, reflecting caution across the broader cryptocurrency market. Over the past week, the meme-based crypto dropped significantly, hitting lows of $0.0000185 during Friday’s session. However, a recovery followed, pushing prices to $0.000024 on Saturday before facing resistance at this level. The rebound subsequently lost momentum.
Meanwhile, most cryptocurrencies traded in the red as Bitcoin retreated after approaching the $100,000 mark. Bitcoin’s decline negatively impacted the broader crypto market, including Shiba Inu. Market sentiment remains fragile, with traders closely monitoring price movements amid broader risk aversion in digital assets.
Shiba Inu Price Analysis
As of the reporting time, the SHIB price is trading at $0.00002154, marking a 2% decline in the past 24 hours. The token’s price fluctuated within a range of $0.00002095 and $0.00002237, reflecting moderate market volatility during this period.
If the bearish trend gains more traction, the Shiba Inu price prediction indicates a potential break below the $0.00002 support level, potentially hitting $0.000019.
This comes as the cryptocurrency market continues to experience mixed signals, with SHIB facing increased selling pressure.
However, if bullish momentum builds, SHIB could rebound from current levels and aim for the $0.000025 resistance. Such a rally would depend on strong buying activity and favourable market sentiment.
The MACD indicator on the 4-hour chart suggests slight bullish divergence, hinting at a potential reversal. The histogram shows decreasing bearish momentum, which may pave the way for a short-term recovery if sustained.
Shiba Inu price hangs in a delicate balance, with critical support levels key to its next move. Sustained buying and favourable sentiment could spark recovery, but risks of further dips remain.
Frequently Asked Questions (FAQs)
SHIB’s critical support level is near $0.00002.
SHIB’s price decline is due to bearish market trends and selling pressure.
Strong buying momentum and improved market sentiment could drive recovery.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The Shiba Inu price is currently witnessing a significant correction alongside Bitcoin. However, crypto analysts have suggested that Shiba Inu can experience a parabolic rally if the flagship crypto were to enjoy a bullish reversal above $100,000.
Shiba Inu Price Could Rally To $0.000037 As Bitcoin Hits $100,000
In an X post, crypto analyst Rose predicted that Shiba Inu could soon rally to as high as $0.000037372. This came as the analyst revealed that the top meme coin is currently trading within a consolidation phase, showing potential for a breakout.
The analyst further mentioned that the accumulation zone lies between $0.00002387 and $0.00002541, providing investors with an opportunity to accumulate in this range. In line with this, Rose stated if the Shiba Inu price breaks above this resistance, the next targets for SHIB are $0.000031040, $0.000034024, and $0.000037372.
The analyst added that the meme coin remains a key asset to monitor for short-term growth. Indeed, the meme coin is one to monitor, especially if the Bitcoin price were to witness a bullish reversal to the upside and hit the $100,000 milestone.
IntoTheBlock data shows that the price correlation between Shiba Inu and Bitcoin is currently 0.88, which indicates a strong positive price correlation. Therefore, SHIB will likely enjoy a bullish continuation as BTC moves to the upside.
SHIB Still Gunning For Current ATH
Crypto analyst Javon Marks recently suggested that the Shiba Inu price is still gunning for its current all-time high (ATH) of $0.00008 and could reach it soon enough. This came as he stated that SHIB looks to be in some of its best positions in years. 
He added that the meme coin is holding well broken out and up over 162% while also showing majorly positive responses to a recent Hidden Bullish Divergence. The analyst mentioned that this divergence could suggest an over 75% move above the 2024 highs.
Javon Marks said this may only be a smaller part of a much larger 215% uphill run to the first overall breakout target at $0.000081. In line with this, the analyst stated that a more than 3x Shiba Inu price increase can be loading and coming quickly.
Shiba Inu’s burn rate recently spiked 4,500%, which presents a bullish outlook for the meme coin. SHIB whales are also actively accumulating the meme coin, which could continue to this imminent price rally.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Shiba Inu price has soared over 64% in the last 6 days, recording the largest weekly gain since February 2024. This increase comes amid Bitcoin breaking previous all-time highs and the entire crypto market surging to $2.915 trillion. This is just slightly shy of the 2021 top of $3.006 trillion. A crypto analyst shared that he expects one more resistance before SHIB rallies back to a previous all-time high. Can the price of SHIB regain its ATH before the end of the year?
SHIB price trades at $0.00002625 on November 11 after increasing by 16.1% in the last 24 hours. Following the footsteps of the largest gainer, Dogecoin (DOGE), SHIB has surged 54.9% in the past week and could be eyeing extended gains this week after clearing one key obstacle.
Shiba Inu Price Hit a Block: Is the Rally Over?
The SHIB price currently struggles to break above a key resistance level of around $0.00002750. After surging with volume to this previous level of temporary resistance, traders are taking profit, which has resulted in a pause from the rally.
However, crypto analyst Motion Man believes this is nothing to be worried about as he predicts SHIB will rise by 70% in the coming days to test the $0.000046 level, and if it clears his resistance, he expects SHIB to explode to ATH.
The Shiba Inu price rally is not over because of a few factors:
- Coingecko data shows the 24-hour trading volume is up 255%, signaling a recent spike in market investor interest.
- The SHIB open interest (OI) is up 19.31%, according to data from Coinalyze. This combined with the increasing price suggests traders are entering longs on the meme coin, a bullish signal for the Shiba Inu price.
- Santiment data shows the price-daily active addresses (DAA) divergence is currently at an 8-month high. Combined with the rising price, it indicates strong positive market sentiment and increased network activity. This alignment suggests that the price increase is supported by genuine growth in user engagement, which can be a healthy sign for the SHIB’s long-term rally.
SHIB Price Analysis: All Eyes On $0.000046
After surging to a local high of $0.00002804, SHIB price now faces huge profit taking around that price level, reinforces a previous historical resistance. Due to the factors mentioned previously, the Shiba Inu price forecast shows the rally is likely to continue.
A break above the the current resistance would spark a 70% (1.7X) rally to $0.000046, which coincides with the previous yearly high. Beyond that, the 4.236% Fibonacci extension level presents a potential resistance around $0.00006088.
After that, bullish SHIB predictions suggest ATH will likely be next.
An invalidation thesis for the current SHIB bull market would be if bears push price back below $0.00001811. This would signal market weakness that could send the meme coin down to $0.000015 and potentially to $0.000012.
Frequently Asked Questions (FAQs)
The rally hit temporary resistance at $0.00002750, but analysts believe it will continue. If SHIB clears this barrier, it could rally by 70% to $0.000046 and potentially reach a new all-time high (ATH).
SHIB price targets include $0.000046 and $0.00006088, with analysts predicting a push toward its previous ATH if key resistance levels are broken.
Analysts believe it’s possible if SHIB breaks through critical resistance levels and maintains strong momentum, aided by increased trading activity and market sentiment.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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