.jpg)
The Shiba Inu’s current price action may have some investors wanting, especially since the cryptocurrency has now extended its 30-day losses by over 30%. However, recent data and on-chain technical analysis suggest that patience is about to pay off. To be more specific, the current price decline has caused the Shiba Inu to enter the accumulation zone, which could signal the beginning of the next uptrend. At the same time, a concurrent 493% increase in transaction fees within the Shibarium network suggests that this could be an ideal time for investors to load up.
Shiba Inu price hits 100-day low as bears take control
The past few weeks have been a bloodbath for Shiba Inu (SHIB) carriers. After bouncing at $0.000022 support and briefly rising to reach $0.00002756 in the last week of May, the popular meme coin fell more than 30%, briefly falling below $0.000017 this week. This brutal sell-off dragged SHIB to a 100-day low, wiping billions off its market value.
Related reading
This fall, experts blamed investors pulling out of meme currencies. The Shiba Inu, like the meme coin, is not left out He also testified Major transfers to cryptocurrency exchanges.
On the price side, SHIB’s decline means that traders now have the opportunity to buy at its current low prices, which could herald a reversal of the downtrend. You would think that with SHIB’s price taking a hit recently, activity on the network would slow down. Surprisingly, this is not the case at all.
Recently Data from Shibariumscan It indicates that transaction fees on the Shibarium Layer-2 network rose by 493% last week. The huge increase in transaction fees came from increased transaction activity on the network. It is noteworthy that the number of new transactions increased from 5,865 at the beginning of the week to 16,337 at the end of the week, an increase of 178%.
Although transaction fees on Shibarium are paid in BONE tokens, a portion of the tokens are converted into SHIB and then burned. This in turn reduces the amount SHIB tokens in circulation.
What’s next for SHIB?
At the time of writing, SHIB is trading at $0.00001702 and appears to be consolidating. Experts are now divided into different schools of thought about the future of meme currencies. Including SHIB. according to Ki Young Joo, CEO of CryptoQuant, said that the current downward trend indicates that the dominance of cryptocurrencies in the altcoin market may finally end.
Related reading
On the other hand, analyst Javon Marks believes the Shiba Inu still has room to break out to the upside, and the recent pullback may also be a contributing factor. Marx confirms The Shiba Inu is still up 100% since its last bull run and has the potential to rise another 294%. Target prices are $0.000081 and $0.0001553.
Featured image created with Dall.E, chart from Tradingview.com
