In just one day, the price of SHIB experienced a surge from $0.000008019 to $0.000007476. This notable increase comes ahead of the anticipated launch of Shibarium, a layer 2 blockchain, scheduled for July.
Shiba Inu (SHIB), often referred to as the “Dogecoin killer,” is facing challenges in the current market conditions. The decline in the overall market has made it even more difficult for SHIB to maintain its position. Investors have been eagerly awaiting the launch of “Shibarium,” a layer-2 blockchain that holds great promise. However, concerns have arisen due to the lack of progress in deploying the network, particularly considering the recent volatility in SHIB prices.
Investors holding SHIB have been eagerly anticipating the launch of Shibarium, which is expected to bring several benefits such as token burns and reduced transaction fees. However, the delayed launch has created uncertainty around SHIB’s price and its recovery from previous lows. Unlike other top cryptocurrencies that have seen positive gains, SHIB has experienced a decline of over 14% in the last 30 days. These factors have contributed to doubts and concerns within the SHIB community.
SHIB experiences high volatility:
During the weekend, SHIB faced a significant drop, falling from $0.000008 to $0.000005. However, in the recent upswing of the overall crypto market, the price of Shiba Inu saw a 5.5% increase in just one week, reaching back to the $0.000007 range.
SHIB has faced additional bearish sentiment, triggered by Elon Musk’s suspension of the Shiba Inu burn tracking Twitter account. This move by Musk caused SHIB’s price to decline from $0.000008019 to a 24-hour low of $0.000007476.
Shiba Inu (SHIB) Price Chart (Source: Tradingview)
Currently, SHIB is trading at $0.000007555 with a 24-hour trading volume of $105 million, indicating a 2% increase. The memecoin has experienced a significant surge of over 12% in the last 14 days and holds a market cap of $4.4 billion. Moreover, Shiba Inu is currently in the sell zone, suggesting potential future value appreciation.
Investor confidence remains impacted by the ongoing delay in the release of Shibarium. Shytoshi Kusama, the developer behind Shiba Inu, has provided hints that the highly anticipated layer 2 solution will be made available to the public in the coming month.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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