The price of #Shibainu (SHIB) has been volatile as of late, with somewhat flat performance over the previous month or two. Due to the volatility of Bitcoin's price, SHIB's performance is being constantly monitored by both investors and enthusiasts.
Remember that SHIB showed good indicators before launching its mainnet Shibarium, and that its holders are still hoping for a price of $0.001. The price of SHIB rose dramatically, reaching a level where it will be meaningful in the near to medium future. The old adage "Buy the rumour, sell the news" came into play, and the rise quickly faded.
Shortly before the opening of the mainnet, profit-taking became the main focus, leading to a precipitous drop in the $SHIB price. Following the sell-off, the value of the meme currency dropped by nearly 30 percent.
Rising Shiba Involvement
On the other hand, since its inception on August 28th, Shiba Inu's Layer 2 network, Shibarium, has grown rapidly. The network has now hit a new milestone, with over a million wallets in circulation.
As of Tuesday evening, Shibariumscam statistics put that figure at 1.25 million. Since the introduction of the Layer 2 protocol, there has been a rise in the volume of transactions completed across the network, to the tune of almost 3.3 million.
Even while Shibarium's activity has been on the rise, it hasn't had much of an effect on token pricing in the Shiba Inu ecosystem. SHIB's price has dropped by 6% over the past month, whereas tokens like BONE have dropped by double digits.
LUCIE has complete faith in SHIB
Despite these setbacks, LUCIE, Shiba Inu's chief marketer, is optimistic about SHIB's future. On Monday, LUCIE tweeted out his market outlook, speculating that BTC price swings may be good for altcoins like SHIB.
For the market to develop in the way I want it to, I believe we must first see substantial $BTC price variations. We should expect cryptocurrencies to gradually recover momentum as FOMO sets in and fresh investors and money start streaming back into the market. I have no doubts regarding the future of $SHIB, which is one of the most widely-traded alternative cryptocurrencies. In her writing, she explained.
Interestingly, the price of SHIB has been consistently higher than $0.000007. Even if there was a small weekend surge, getting through the crucial resistance level of $0.0000075 remains difficult. Meanwhile, upward-trending convergence of the MACD's 10- and 20-period Exponential Moving Averages (EMAs) suggests a possible purchase signal.
After a loss of 3.27% over the previous 24 hours, SHIB was trading at $0.00000728 at the time of this publication.