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End Of The Road? Shiba Inu’s Shibarium Sees Massive 80.3% Crash In Active Accounts

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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.

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.

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.

Shiba Inu price chart from Tradingview.com (Shibarium)
SHIB price struggles to hold up | Source: SHIBUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Shiba Inu Price Records Largest Weekly Gain Since Feb, ATH Next?

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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 Records Single Largest Weekly Gain Since Feb, ATH Next?Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next?
SHIB/USDT Price Chart

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:

  1. Coingecko data shows the 24-hour trading volume is up 255%, signaling a recent spike in market investor interest.
  2. 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.
  3. 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. 

Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next? Shiba Inu Records Single Largest Weekly Gain Since Feb, ATH Next?
Shiba Inu Price Analysis Chart

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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Will Shiba Inu Price Jump Over 300%? This Analyst Thinks So

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Este artículo también está disponible en español.

Experts are confident that Shiba Inu could potentially undergo a massive price surge on the back of a positive overall outlook on cryptocurrency.

Donald Trump’s victory in the recently concluded US election brings waves of optimism in the cryptocurrency market which SHIB Inu can ride on to propel it to a 306% price hike.

Shiba Inu: Explosive Growth

A market analyst predicted that the price of Shiba Inu could soar by at least 306%, as the entire cryptocurrency market is going on an overdrive excited by the results of the US elections.

In a post, analyst Javon Marks said that it could potentially hit the $0.00081 mark, adding that this price surge is imminent for the meme coin and being forecasted to happen really soon.

“Still fairly fresh off of a confirmed Hidden Bull Divergence and holding broken out, $SHIB (Shiba Inu), in the midst of a roaring Bitcoin market, can be getting ready for its next level performance towards the $0.00081 target,” Marks said.

Data showed that the meme coin has formed a Hidden Bull Divergence pattern. Reports explained that the Hidden Bull Divergence is a bullish indicator that usually occurs before a price rally happens.

Moreover, analysts said that the cryptocurrency has already breached the consolidation phase which could beef up the bullish outlook for the meme coin.

Shiba Inu-Bitcoin Relationship

Analysts pointed out that there is a relationship between the price movement of Shiba Inu and Bitcoin, saying that any price movement with Bitcoin could also mean price movement for the meme coin.

It is a correlation being monitored by many analysts as Bitcoin prices are soaring on the back of the newfound optimism on the overall crypto market.

SHIB market cap currently at $11.2 billion. Chart: TradingView

In previous reports, analysts discussed that Shiba Inu usually trails the price movement of Bitcoin, showing that there is a strong correlation between the two cryptocurrencies.

They noted that whenever Bitcoin collapsed, the meme coin’s price also went down. Hence, any massive hike in Bitcoin could propel Shiba Inu into exponential growth.

Many market observers are predicting that Bitcoin is on track for a massive price surge and in the last few days, the firstborn crypto has been hitting an all-time high price per coin. Therefore, BTC’s predicted price movement could also push Shiba Inu to its projected price.

$118 Billion Market Cap Seen

Meanwhile, analysts suggested that the market capitalization of Shiba Inu would soar and its price would increase by 950% once the market valuation of the global cryptocurrency reaches the $10 trillion mark.

Source: Bitstamp

Market commentators said that if the $10 trillion market cap happens, the meme coin would be traded at $0.0002 and elevate its market capitalization to $118 billion.

As of writing, the total global market capitalization of the crypto sector is pegged at $2.61 trillion while the current market cap of Shiba Inu is about $11.21 billion.

Featured image from Chewy, chart from TradingView





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Shiba Inu Price 2.5X Breakout Could Unlock $3.45B in Profits

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Shiba Inu price is on the verge of breaking above a key bullish reversal pattern after the market momentum increased due to Bitcoin rallying to a new all-time high. If this breakout happens, SHIB investors currently at and outside the money could be looking at $3.45 billion in profits. Will the price of SHIB rise by 150% and rescue this liquidity that is currently dead in the water?

SHIB price is currently trading at $0.00001921, dangerously close to the stubborn multi-month resistance. This price represents a 2% increase in the last 24 hours and a 9.5% rise in the last 7 days. Bitcoin is up 1.6% and trading around $76,125, pulling up the crypto market by 0.2% to $2.685 trillion. Can Shiba Inu capitalize on Bitcoin’s momentum to break the overhead resistance?

$3.45B To Be Rescued After This Shiba Inu Price Breakout

Data from IntoTheBlock (ITB) shows that currently, 44% of Shiba Inu investors are either at the money (2%) or out of the money (42%). This number, however, is about to drastically drop since SHIB technical analysis shows an breakout is imminent. The price breakout is anticipated to sent SHIB price above $0.000045, which constitutes a 149% increase.

Currently, ITB data shows there is 182.65 trillion ($3.45 billion) SHIB wallowing underwater between $0.000019 and $0.000051.

SHIB GIOMSHIB GIOM

A 149% breakout could boost this dead liquidity into profit, shifting the overall SHIB tokens in profit from 78.42% to over 96%. 

Onchain Metrics Show SHIB Price Will Breakout

Shiba Inu price shows promise of breaking out, at least from analyzing on-chain metrics and traders behavior. Data from Coinglass Liquidation Map (LM) suggests that traders are currently more bullish on SHIB than they are bearish. The 24-hour cumulative Long Liquidation Leverage for SHIB was at $3.42 million on OKX, compared $2 million in Shorts.

1000SHIB Liquidation Map1000SHIB Liquidation Map

This imbalance is also reflected in the weekly and monthly timeframes, and suggests bullish sentiment is dominating the SHIB derivative markets because traders anticipate price will move higher in the future.

Additionally, according to Santiment analytics data, the SHIB price-Daily Active Addresses (DAA) divergence shot up to a one-month high. When DAA increases and price is lagging as in the current case, it usually points a bullish signal that the price could catch up soon, leading to a potential price increase.

1000SHIB Price-DAA Divergence1000SHIB Price-DAA Divergence

Further, Shiba Inu 30-day realized cap has been on the rise since November 3 while the 365-day is still soaring higher. This means that short-term holders (potentially new investors) are entering the market and could provide the necessary volume needed to push Shiba Inu price beyond the overhead resistance. 

Shiba Inu Realized CapShiba Inu Realized Cap

Moreover, having long term holders also increase means early SHIB investors are still confident in the project’s ability to deliver handsome returns in the long run.

All these metrics point to high likelihood of the price of SHIB breaking above the stubborn resistance in the coming days.

SHIB Price Analysis: Key Levels To Watch

Shiba Inu price forecast reveals a inverted head and shoulders pattern, which is usually a bullish reversal market structure. The immediate stubborn resistance at $0.00002050 has held price down since late June until now. 

If the new wave of incoming investors provide enough volume, SHIB price may break above this barrier and head toward $0.00004567, which coincides with the yearly high. On the way iup, SHIB may encounter a resistance around $0.00002500

2.5X Imminent Shiba Inu Price Breakout Could Profit $3.45B2.5X Imminent Shiba Inu Price Breakout Could Profit $3.45B
Shiba Inu Price Analysis Chart

Bears could invalidate this bullish thesis if they push the price below the small ascending triangle forming at the right shoulder. This would send SHIB to $0.000016 and $0.000013 support levels.

Frequently Asked Questions (FAQs)

The bullish outlook is supported by Bitcoin’s recent rally, strong market momentum, and promising on-chain metrics.

If SHIB price reaches the anticipated level of $0.000045, around $3.45 billion in currently underwater SHIB tokens could return to profit, significantly benefiting investors.

If bears push the price below the ascending triangle pattern, SHIB could drop to support levels around $0.000016 or even $0.000013, invalidating the bullish scenario.

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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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