- Shibarium, a layer 2 blockchain for Shiba Inu, saw a significant 97% decrease in transactions.
- SHIB’s price has risen 10% in the last month and remains in 12th place on the market with a cap of $14.6 billion.
Shibarium, the layer 2 blockchain that supports the popular meme coin “Shiba Inu” [SHIB]a significant decrease in transaction activity has occurred.
For about a month now, trading volume This was a significant decrease of nearly 97%. This decline triggered an investigation into the current state of Sybarium and its potential impact on Sybarium prices.
Despite these challenges, overall transaction volume on Shibarium reflects a total of 417,479,277 transfers since its launch last August, with activity increasing slowly but steadily year over year. doing.
Take a closer look at falls
Shibarium’s transaction peak reached an all-time high of 562,990 transactions per day on April 17th. Fast forward to today, and this number has dropped significantly to just 11 cases.
Source: Shibariumscan.io
Shiba Inu’s price at the time of writing was $0.0000248, and SHIB maintained its position as the 12th largest cryptocurrency by market capitalization, which was approximately $14.6 billion at the time of writing.
Despite the weak trading, SHIB price has increased by 10% in the last month and has increased modestly by 2.44% in the past 7 days.
These price movements indicate that investor sentiment may still be relatively bullish on the second-largest meme coin.
As shown by technical indicators, market sentiment for the Shiba Inu at press time remained overwhelmingly bullish with 83% bullish. evaluation.
moreover, index of fear and greed has a score of 73 and is classified as “Greed”. The bulls remained in control.
Current state of SHIB
coin glass data showed that trading volume decreased by 19.24% and open interest decreased by only 1.58%.
This reflects a decline in trading activity and a possible waning of short-term interest among traders.
Source: Coinglass
recent market activity Because SHIB is exhibiting a tug of war between bulls and bears as evidenced by inconsistent trading volumes and uncertain market sentiment.
read a book about shiba inu [SHIB] Price prediction for 2024-2025
Given the current discrepancy and volatility shown on the chart, SHIB is likely to continue experiencing fluctuations with a slight bearish bias in the short term.
Investors and traders should watch for a sustained break below the support at 0.00002475 or a pullback above recent highs for clearer direction.
Source: TradingView
