The New Shibarium Update and Its Impact on SHIB Prices
Journalist
- The sentiment around Shiba Inu has turned bearish in recent days.
- Most metrics looked bearish on SHIB.
After weeks of bull rallies, the entire crypto market stalled a bit, and Shiba Inu [SHIB] did not deviate from the norm.
While the meme coin’s price action failed to impress, the much-discussed layer 2, Shibarium, put up an impressive performance.
Shiba Inu is bottoming out
According to CoinMarketCapthe world’s second-largest meme coin has increased in value by almost 9.5% in the past seven days. However, the momentum has slowed down in recent days.
In the past 24 hours, SHIB’s value has increased by only 2%. At the time of writing, the meme coin was trading at $0.00003047 and had a market cap of over $17.9 billion.
Slow price action weighed on SHIB’s social metrics. AskFX’s analysis of Santiment’s data found that SHIB’s social volume dropped last week.
The bearish sentiment around it also increased, as evident by the drop in its weighted sentiment.
Shibairum takes the lead
Shiba Inu’s network activity increased
Shibarium remained sluggish while Shiba Inu was sluggish. AskFX analyzed data from Shibariumsca.io and and found that L2 has already processed more than 400 million transactions.
At press time, the total was over 413 million. The number of blocks processed was also very high, with only about 40,000 blocks left to reach the 4 million mark.
There were daily transactions of over 58,000 and a total of 1.38 million wallets. Source: Shibariumscan.io.
Will this help SHIB?
SHIB may not respond positively to Shibarium’s impressive performance anytime soon, even though it was quite notable. AskFX analyzed Glassnode data and found that Shiba’s Network-to-Value (NVT) ratio recorded a slight increase on March 28.
An increase in the metric indicates that an asset has become overvalued and a price drop may be imminent.
Glassnode.
SHIB’s supply on exchanges has increased after a slight decline in the past few days. In addition, Shiba Inu’s supply at its top addresses has decreased.
These metrics suggest that Shiba Inu has been under a lot of selling pressure, suggesting that its price may fall.
Santiment
Shiba Inu [SHIB] Prediction price
According to the Bollinger Bands, SHIB was in a zone of lower volatility, minimizing the chances of a northward price move. Nevertheless, the Relative Strength Index rose above the neutral reading.
SHIB’s price action could become volatile despite its negative metrics.
TradingView[196541]
