TL;DR
- The price of Shiba Inu (SHIB) surged substantially lately, but dropped 4.5% in the past 24 hours, with active Shibarium accounts and daily transactions significantly plunging.
- The broader meme coin market also saw declines, though some metrics suggest a potential SHIB resurgence due to reduced selling pressure.
Losing Momentum
The second-largest meme coin in terms of market capitalization – Shiba Inu (SHIB) – has been on a tear in the past two weeks, with its price jumping by almost 20%. However, its rally was intercepted in the last 24 hours. Currently, SHIB is worth approximately $0.00001868, a 4.5% decrease on a daily scale (per CoinGecko’s data).
The price retreat coincides with the decline of some essential metrics part of Shibarium’s ecosystem. Data shows that active accounts on the network have plummeted from 631 on July 17 to 209 on July 18. New daily transactions and new blocks processed on the protocol have also headed south.
Shibarium officially went live in August last year, designed to foster the development of Shiba Inu’s ecosystem by improving speed, enhancing scalability, and lowering transaction costs.
It has blasted through multiple milestones in the past several months, and according to some industry experts, its further progress is essential to SHIB’s potential price increase.
It also underwent some important upgrades, such as introducing a new user interface (UI) update, which the team described as “faster, smoother, and more accessible than ever.” Its primary goal was to allow compatibility with popular self-custody wallets, including MetaMask, Coinbase Wallet, and Trust Wallet.
For more updates on the ecosystem, make sure to check out our Shibarium news section .
Additional Elements
Another possible factor negatively affecting the SHIB price today (July 18) could be the overall decline of the meme coin realm.
Its market capitalization is down nearly 2% for the day, with Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), Brett (BRETT), and many more being deep in the red. The only notable gainer from the top 5 club is dogwifhat (WIF) whose price has spiked by 3% in the past 24 hours.
It is worth mentioning that some metrics suggest that Shiba Inu could soon replace the correction with a fresh resurgence. According to CryptoQuant, SHIB exchange netflow has been predominantly negative in the last seven days. The shift from centralized platforms to self-custody methods is generally viewed as bullish since it reduces the immediate selling pressure.
