As a seasoned researcher with extensive experience in the crypto market, I have witnessed the ebb and flow of various digital assets, including Shiba Inu (SHIB). Today, I am intrigued by the recent developments surrounding this meme coin, which has seen minor daily price growth and significant activity on its Shibarium network.
TL;DR
- Shiba Inu (SHIB) saw a minor daily price increase and significant growth in transactions and new contracts on the Shibarium network.
Despite the overall bullish conditions, one analyst warned about a potential 10% price drop.
SHIB’s Revival
In the last 24 hours, the cryptocurrency market has shown signs of growth, with various digital currencies recording significant price jumps. One such currency is Shiba Inu, a well-known meme coin, which has experienced a 3% rise and now hovers around $0.0000167 according to CoinGecko’s latest figures.
The revival aligns with notable SHIB-linked signals that have surged upward as well. Evidence reveals a 15% increase in daily new transactions on the Shibarium layer-2 blockchain solution, amounting to nearly 6,000 on July 25. New contracts have exploded by an astounding 350%, climbing from a mere 8 on July 24 to 36 by July 25.
Shibarium became active in August 2023, primarily designed to promote growth within the Shiba Inu community. Key objectives include heightening network capability, reducing transaction fees, and increasing transaction speed. Consequently, certain market players anticipate that the evolution of this protocol could potentially boost SHIB‘s worth. For ongoing ecosystem developments, kindly visit our Shibarium news section.
In the last 24 hours, SHIB‘s daily transaction volume, which totals over $100,000 for each transaction, has significantly risen. This aggregate amount approached $30 million, representing a noteworthy 62% surge.
The surge in whale activity, along with the general upswing of the crypto market, is indicative of investor confidence. Consequently, this situation may lead to increased demand and heightened curiosity towards the token, possibly drawing more individuals into the community.
What Does the Future Hold?
Based on additional significant indicators like Shibaswap exchange volume and the Relative Strength Index (RSI), it appears that the current upward trend may persist in the approaching period.
According to CryptoQuant’s data, SHIB has seen more outflows than inflows over the past month. This trend suggests that investors are moving their SHIB tokens away from centralized platforms towards self-custody methods. Generally speaking, this shift is viewed as a bullish sign since it decreases the amount of SHIB available for immediate selling.
The Relative Strength Index (RSI), a tool used to gauge price movements with a value ranging from 0 to 100, stands at 46 presently. An RSI reading above 70 signals potential overbought conditions and may suggest an upcoming correction.
In contrast, a Shiba Inu token holder predicted unfavorable outcomes for the bulls. They believed the token might drop to $0.000015 if it failed to hold the significant resistance level at $0.000017. At present, the price is below that threshold.
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2024-07-26 12:12