Shiba Inu (SHIB) is aiming for a price of $0.00001 after facing a setback related to Shibarium.
The journey for Shiba Inu's price has been quite unstable, with a sharp drop from its peak value of $0.00001136. This drop, referred to as a V-top reversal, has raised concerns among both the crypto community and traders. A V-top reversal is a specific price pattern where a cryptocurrency's value shoots up rapidly to a peak and then quickly drops. In SHIB's case, this reversal caused its value to fall from $0.00001136 to $0.00000789, marking a 4.5% drop in 24 hours and a significant 23.1% decline over seven days.
This drop in price coincides with the launch of Shibarium Layer 2, which has caused uncertainty and anxiety in the SHIB community due to the possibility of scams and exploit risks. Lucie Shib, a key figure in the Shiba Inu team, highlighted these concerns, resulting in reduced engagement among SHIB holders. Transactions involving SHIB decreased by 66% between August 12 and August 21, driven by both Shibarium-related concerns and the broader crypto market downtrend.
Despite the uncertainties, SHIB enthusiasts have been placing purchase orders on various exchanges, indicating optimism for a positive market shift. Investors are showing confidence in a potential bullish reversal and are actively participating in shaping SHIB's future. While there is uncertainty, the strong demand for SHIB suggests that investors might be waiting for the resolution of issues related to the Shibarium L2 network, which could potentially help SHIB regain momentum and reach the $0.000011 threshold once again.
