Recently, the price of Shiba Inu (SHIB) experienced a significant surge, followed by a 4.5% drop in the past 24 hours. This decline coincided with a substantial decrease in active Shibarium accounts and daily transactions. As Shibarium is a crucial part of the Shiba Inu ecosystem, these metrics play a vital role in determining SHIB’s performance in the market.
Despite the recent price drop, some analysts suggest that there is a possibility of a SHIB resurgence in the near future. The shift towards self-custody methods and the overall decline in the meme coin market are factors that could contribute to a potential price increase for Shiba Inu.
Shibarium was launched in August last year to enhance the development of the Shiba Inu ecosystem by improving speed, scalability, and reducing transaction costs. The platform has achieved significant milestones and recently underwent upgrades to provide a better user experience. These developments are crucial for SHIB’s potential price increase in the future.
The broader meme coin market has witnessed declines, with several popular coins like Dogecoin, Pepe, Bonk Inu, Floki Inu, and others experiencing red numbers. Despite this, there are indications that Shiba Inu could potentially replace the correction with a fresh resurgence, as suggested by metrics like SHIB exchange netflow which has been predominantly negative.
The recent drop in the price of Shiba Inu may be attributed to a variety of factors, including the decline in Shibarium metrics, the overall market downturn, and the shift towards self-custody methods. However, the potential for a SHIB resurgence remains, as indicated by certain market trends and developments within the Shiba Inu ecosystem. Investors and traders should closely monitor these factors to make informed decisions regarding their SHIB holdings.