What’s next for the SHIB price? These Shiba Inu indicators give clues

TL;DR

The price of Shiba Inu (SHIB) rose substantially of late, but fell 4.5% in the last 24 hours, with active Shibarium accounts and daily transactions falling significantly. The broader meme coin market also saw declines, although some metrics suggest a potential SHIB resurgence due to reduced selling pressure. losing momentum

The second largest meme coin by market cap, Shiba Inu (SHIB), has been on a tear over the past two weeks, with its price rising nearly 20%. However, its concentration has been intercepted in the last 24 hours. SHIB is currently worth approximately $0.00001868, down 4.5% on a daily basis (according to CoinGecko data).

SHIB Price, Source: CoinGecko

The price drop coincides with a decline in some essential metrics that are part of the Shibarium ecosystem. The data shows that active accounts on the network have dropped from 631 on July 17 to 209 on July 18. New daily transactions and new blocks processed by the protocol have also headed south.

Shibarium was officially launched in August last year, designed to foster the development of the Shiba Inu ecosystem by improving speed, improving scalability and reducing transaction costs.

It has passed several milestones in recent months, and according to some industry experts, its further progress is essential to SHIB’s potential price upside.

It also underwent some major updates, including the introduction of a new user interface (UI) update, which the team described as “faster, smoother and more accessible than ever.” Its main goal was to enable compatibility with popular self-custodial wallets, such as MetaMask, Coinbase Wallet, and Trust Wallet.

For more updates on the ecosystem, be sure to check out our Shibarium News section.

Additional items

Another possible factor negatively affecting SHIB’s price today (July 18) could be the general decline in the realm of meme coins.

Its market cap is down nearly 2% on the day, with Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), Brett (BRETT) and many more in the red. The only standout benefit from the top 5 clubs is dogwifhat (WIF), whose price has increased by 3% in the last 24 hours.

It is worth mentioning that some metrics suggest that Shiba Inu could soon replace the correction with a new resurgence. According to CryptoQuant, SHIB exchange net flow has been predominantly negative in the past seven days. The shift from centralized platforms to self-custody methods is generally considered bullish as it reduces immediate selling pressure.

SHIB Exchange Netflow

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