Shiba Inu Price Falls Amid Decline in Shibarium Activity
According to KriptoKentang, the price of Shiba Inu (SHIB) experienced a significant decline, namely down 4.5% in the last 24 hours. This decline comes after a significant surge in the last two weeks, where the price of SHIB increased by almost 20%. Currently, SHIB is worth around $0.00001868, based on data from CoinGecko.
The recent price drop coincides with a decline in key metrics within the Shibarium ecosystem. Active accounts on the network decreased from 631 on July 17 to 209 on July 18. Additionally, new daily transactions and blocks processed on the protocol are also experiencing a downward trend. Shibarium, which was launched in August last year, aims to improve the Shiba Inu ecosystem by increasing speed, scalability and reducing transaction fees. Despite achieving some milestones, the recent drop in activity raises concerns about its impact on the SHIB price.
The broader meme coin market is also facing declines, with market capitalization down nearly 2% on the day. Other meme coins such as Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), and Brett (BRETT) also experienced significant losses. However, dogwifhat (WIF) has seen an increase of 3% in the last 24 hours, standing out as a major winner among the top meme coins.
Despite the current downturn, several metrics point to a potential revival for Shiba Inu. According to CryptoQuant, SHIB exchange net flows have been mostly negative over the past seven days. A switch from centralized platforms to self-custody methods is generally seen as bullish, as it reduces immediate selling pressure. As the Shibarium ecosystem continues to develop, its progress will be critical in determining future SHIB price movements.
