Shiba Inu (SHIB) has encountered a period of volatility in recent times, with its performance over the past month characterized by relatively uneventful price fluctuations.
As the value of Bitcoin experiences shifts, SHIB’s movements have garnered heightened attention from both investors and enthusiasts.
It’s worth noting that in anticipation of the debut of its mainnet, Shibarium, SHIB exhibited optimistic signs as holders harbored hopes of reaching a $0.001 price point. During this period, the SHIB price experienced a noteworthy surge, reaching a significant level in the medium term. Regrettably, this rally proved to be transient, and the well-known adage “Buy the Rumor, Sell the News” came into effect.
Immediately preceding the launch of the mainnet, profit-taking became the dominant theme, resulting in a steep drop in SHIB’s price. The meme coin endured a loss exceeding 30% of its value and grappled with the challenge of recovering from the subsequent wave of selling pressure.
Shibarium Experiences a Surge in Activity
On a brighter note, Shiba Inu’s Layer 2 network, Shibarium, has witnessed substantial expansion following its launch on August 28th. Impressively, the network has recently surpassed the milestone of one million wallets, signaling a notable surge in user adoption and engagement.
As of the most recent data available on Tuesday, the tally has reached 1.25 million, as reported by Shibariumscam. Furthermore, transaction activity within the network has seen a notable uptick, with approximately 3.3 million transactions being successfully processed since the launch of the Layer 2 protocol.
Source : ShibariumScan
However, despite the upward trajectory in Shibarium’s activity, its influence on the prices of tokens within the Shiba Inu ecosystem has remained somewhat constrained. In the past month, SHIB’s price has registered a 6% decrease, while other tokens within the ecosystem, such as BONE, have suffered losses in the double digits.
LUCIE’s Firm Confidence in SHIB
However, amidst these recent developments, LUCIE, the lead marketing strategist for Shiba Inu, has conveyed steadfast belief in the potential of SHIB. In a tweet posted on Monday, LUCIE articulated a vision for the market, hinting that substantial fluctuations in Bitcoin’s price could serve as a catalyst for altcoins like SHIB.
“My personal perspective on the market is that we need to initially observe substantial fluctuations in the price of Bitcoin ($BTC). As the fear of missing out (FOMO) begins to take hold and new investors and capital re-enter the market, we will gradually witness altcoins gaining traction. $SHIB happens to be among the most prominently listed altcoins, and I remain confident in its potential,” she conveyed in her statement.
It’s worth noting that SHIB’s price has remained relatively stable, holding above the $0.000007 mark. Although there was a brief spike over the weekend, surpassing the significant resistance level at $0.0000075 has proven to be a challenge. Additionally, the MACD indicator suggests the possibility of a buy signal, as the 10 and 20 Exponential Moving Averages (EMAs) are converging and trending upwards.
As of the latest data, SHIB is trading at $0.00000728, reflecting a 3.27% decline over the past 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
