As an analyst with over a decade of experience in the cryptocurrency market, I have seen countless meme coins rise and fall, leaving investors scratching their heads. The current performance of Shiba Inu (SHIB) is no exception. Despite its initial meteoric rise, SHIB’s price has stalled, underperforming newer meme coins like Popcat, Neiro, and SPX6900.
The cost of Shiba Inu tokens stayed fairly stable, lagging behind several recently launched meme coins such as Popcat, Neiro, and SPX6900.
On October 9th, Shiba Inu (SHIB) was holding steady around $0.00001718, marking a 21% drop from its peak this month. This decline indicates that the second-largest meme coin has entered a temporary downtrend or mini bear market.
It’s possible that Shiba Inu’s lackluster performance is because investors are shifting towards newer meme tokens that are seeing impressive gains. For instance, SPX6900 (SPX) has seen a surge of more than 300% in the past week, pushing its market value to over $562 million.
The well-liked Solana meme token, Popcat (POPCAT), has experienced a significant rise, jumping over 13,500% from its all-time low in January. Among other high-performing new coins, we find Neiro (NEIRO), Gigachad, and Apu Apustaja.
As a crypto investor, I’ve noticed that the performance of Shiba Inu has been influenced by the declining momentum in its layer-2 network, Shibarium. Data from ShibariumScan indicates a significant decrease in active user accounts, now hovering around 500 or less, with new account registrations on October 8th amounting to only 33.
In simple terms, the typical cost for a transaction in Shibarium has lowered significantly to only 0.005 BONE, representing a substantial decrease from its peak last month at 0.062 BONE. This means there’s been a steep decline of approximately 91%. Additionally, we’ve noticed a decrease in the number of transactions being processed on the network.
The transactions and charges in Shibarium significantly matter for Shiba Inu, as a portion of the BONE is transformed into SHIB and destroyed (or burned) in the process.
Currently, the open interest for Shiba Inu in the futures market has significantly decreased. It’s now at $44 million, a drop from its peak this month which was $70 million.
Shiba Inu price has stalled
On August 5, the graph for daily SHIB token prices indicates a low point of $0.00000108, marking its lowest level. However, it has since surpassed the upper boundary of the downward sloping wedge formation, as depicted by the black line on the chart.
The token’s value continues to surpass both its 50-day and 100-day Exponential Moving Averages, and the Moving Average Convergence Divergence (MACD) remains above the zero mark.
As a crypto investor, I eagerly anticipate the confirmation of SHIB‘s rebound if it manages to surpass the significant resistance at $0.0000187 – a peak it reached on October 6th. A successful breach of this level could indicate further growth, possibly propelling the price up to $0.000021, a level it previously touched on September 27th.
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2024-10-09 17:44