Shiba Inu (SHIB) has recently experienced a significant drop of 13% in the past week, leading many analysts to speculate on its future performance. The popular meme coin has been struggling, with its price plummeting according to CoinGecko’s data. Some industry experts have warned that this downward trend could continue in the short term, posing challenges for SHIB investors.
One analyst highlighted that SHIB’s valuation is currently in a “neutral zone,” hovering between $0.0000185 and $0.0000164. Should the coin fail to maintain the major resistance level of $0.000017, it could potentially drop even further to $0.000015. The trader also identified a possible bearish triangle on the 3rd chart, indicating a challenging road ahead for SHIB in the mid to long term. However, there are optimistic projections as well, with some analysts setting triple-digit price targets for SHIB if it manages to surpass the resistance level of $0.000033285.
Shibarium Performance
One significant factor affecting SHIB’s price is the lackluster performance of Shibarium, the layer-2 blockchain solution designed to enhance the scalability and efficiency of the Shiba Inu ecosystem. Shibarium has seen a steep decline in daily transactions, active accounts, new contracts, and verified contracts, raising concerns about its ability to support the growth of SHIB. The protocol, which was launched less than a year ago, aimed to address key issues such as high transaction fees and network congestion.
Despite the challenges faced by SHIB and Shibarium, there is still hope for a turnaround. Industry participants believe that further improvements in Shibarium could have a positive impact on SHIB’s price, potentially reversing the current downward trend. Recent upgrades to Shibarium, such as the new user interface update and compatibility with popular self-custody wallets like MetaMask and Trust Wallet, demonstrate a commitment to enhancing the ecosystem.
The future of Shiba Inu (SHIB) remains uncertain, with both bullish and bearish predictions circulating among analysts. While the current market conditions present challenges for SHIB investors, there is still optimism regarding potential price increases in the long term. It will be crucial to monitor the performance of Shibarium and any upcoming developments in the Shiba Inu ecosystem to gain a clearer picture of SHIB’s future trajectory. Stay informed and cautious when considering investments in SHIB to navigate the volatile cryptocurrency market effectively.
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