- 1 Shiba Inu development team has recently launched a major upgrade to the shibarium network.
- 2 SHIBA is currently trading near $0.00002154 with a gain of over 226% in the last one year.
Shiba Inu is one of the biggest decentralized meme coin present in the market. It was launched in late 2020, since then, it has become the crown jewel of the crypto community. It was created under the pseudonym “Ryoshi” while quickly gaining speed and value for the investors. As per a report by the whale stats, Ethereum whales hold over 20% of the total supply.
Recently the development team behind Shiba Inu has implemented a major upgrade in the Shibarium network. It is slashing the bridging time for tokens to Ethereum from seven days to just approximately 45 minutes. This reduction in transfer time represents a pivotal shift towards optimizing operational efficiency and enhancing user experience.
SHIBA Transactions Decline Along With Overall Users
The recent upgrade of the Shibarium by the Shiba Inu Devs wants to make the withdrawals faster along with the other cross chain transactions The pending state of the smart contracts often lead to the missed opportunity and the frustration among the users.
Source: SHIB Unique users by Etherscan
Shiba Inu has a total holders of 1,399,576 which has observed a slight decline in the last few months. It had observed a total transfer of 12,957,142 which has became constant in the last few weeks. The overall transactions of the SHIBA has also observed quite significant decline and is currently near 4.36k.
Source: Active wallets by Dune
As per Dune, the number of new wallets created has declined from April to May 2024. Shibarium’s overall TVL has remained fairly constant in the last few weeks. It is currently trailing near $2.05 Million as per DeFiLlama and has observed a decline in the overall derivatives volume.
SHIBA Bulls in a Tough Spot With Bears
Shiba Inu has a market cap of $12.8 Billion and is ranked 11th in the CMC. The volume of the asset price has observed a surge in the overall volume with a VM ratio of 0.05. It highlights a weak consolidation pattern in the price. SHIBA is trading near the value of $0.00002184 with a loss of over 10% in the intraday session.
SHIBA is currently forming a strong bearish candle on the daily chart. It is trading below the 50 and 100 EMA and can see a negative crossover in the future. The upside trend of the SHIBA can see a halt near the value of $0.000035. Meanwhile, the support of the asset price can be observed near $0.0000185. The RSI of SHIBA is currently near 37 with a negative slope in it. The overall sentiment of the RSI is bearish in nature.
Conclusion
Shiba Inu is currently showing a decline in overall transactions along with the number of active users. SHIBARIUM has also been observing a consolidation in the overall TVL. There is bearish momentum on the daily chart but, a new high in the future is likely.
