Shiba Inu (SHIB), the second-largest meme coin by market capitalization, experienced a significant surge in price over the past few weeks, increasing by almost 20%. However, this upward momentum was abruptly halted as the price of SHIB dropped by 4.5% in the last 24 hours, landing at approximately $0.00001868.
Alongside the price decrease, key metrics within the Shibarium ecosystem have also taken a hit. The number of active accounts on the network plummeted from 631 to 209 within a single day. Additionally, new daily transactions and blocks processed on the protocol have shown a downward trend. Shibarium, launched in August last year, aimed to enhance the speed, scalability, and cost-effectiveness of Shiba Inu’s ecosystem.
Despite the recent setbacks, Shibarium has made notable upgrades, including a new user interface update that promises a faster and more user-friendly experience. Compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet has been a focus, aiming to increase accessibility for users.
The broader meme coin market has also seen declines, with a 2% drop in market capitalization across various meme coins like Dogecoin, Pepe, Bonk Inu, Floki Inu, and others. However, some indicators suggest that Shiba Inu might bounce back soon. CryptoQuant data shows that SHIB exchange netflow has been consistently negative in the past week, indicating a shift towards self-custody methods, which could alleviate selling pressure.
As Shiba Inu navigates through price fluctuations and ecosystem changes, the future remains uncertain. Continued progress within the Shibarium ecosystem and a potential resurgence in market sentiment could drive SHIB towards new highs. Keeping a close eye on market trends and developments within the meme coin space will be crucial for investors and enthusiasts alike.
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