- In recent days, sentiment surrounding Shiba Inu has turned bearish.
- Most indicators looked bearish on SHIB.
After several weeks of bull market, the overall cryptocurrency market has slumped somewhat. Shiba Inu [SHIB] Did not deviate from the norm.
While meme coin price action was unimpressive, the much talked about Layer 2, Sybarium, had an impressive performance.
Shiba Inu lying low
according to coin market cap, the world’s second-largest meme coin, has increased in value by nearly 9.5% over the past seven days. However, the momentum has slowed in recent days.
Over the past 24 hours, SHIB’s value has increased by only 2%. At the time of writing, Memecoin was trading at $0.00003047 and had a market cap of over $17.9 billion.
The slowdown in price trends has hurt SHIB’s social indicators. AMBCrypto’s analysis of Santiment data reveals that SHIB’s social volume has decreased in the last week.
Bearish sentiment around the company has also increased, as evidenced by a decline in weighted sentiment.
Source: Santiment
Shivairam connecting the baton
While Shiba Inu continued to slump, Shibarium’s network activity skyrocketed. AMBCrypto’s take on Shibariumsca.io data It was revealed that L2 has already processed over 400 million transactions.
As of this writing, the total number of transactions exceeds 413 million. The number of blocks processed was also high, with only about 40,000 left to reach the 4 million mark.
During this period, the number of daily transactions exceeded 58,000, and the total number of wallets reached 1.38 million.
Source: Shibariumscan.io
Will this help SHIB?
Shibarium’s performance was noteworthy, but SHIB may not respond positively to this anytime soon.
Analysis of Glassnode data by AMBCrypto revealed that Shiba Inu’s network-to-value (NVT) ratio registered a slight increase on March 28th.
A rise in the indicator suggests that the asset is overvalued and suggests a fall in price.
Source: Glassnode
SHIB’s supply on exchanges has increased slightly after declining in recent days. Additionally, that supply is held by the rejected high-level addresses.
Both of these indicators suggest that there is strong selling pressure on Shiba Inu, indicating that further price declines are possible.
Source: Santiment
read Shiba Inu [SHIB] price prediction 2024-25
According to Bollinger Bands, the price of SHIB is in a zone of low volatility, and the chances of the price moving northward are minimal. Nevertheless, the Relative Strength Index (RSI) rose above the neutral mark.
This indicates that despite the negative indicators, SHIB price movement may become volatile in the coming days.
Source: TradingView
