Shiba Inu

Status

Following last weekend, <a href="https://en.coin-turk.com/" target="_blank" rel="noopener" data-wpel-link="internal">altcoins,</a> including Shiba Inu (SHIB), witnessed significant price drops, with SHIB recording a decline of more than 24% in the past seven days. This dip was then followed by a significant price correction yesterday and today. Despite the market&#8217;s downturn, SHIB&#8217;s blockchain, Shibarium, continued to perform well, achieving new milestones. 
<h2 style="text-align: justify;" id="shibarium-8217-s-current-status">Shibarium&#8217;s Current Status</h2>
Developments on the Shibarium front continue. Following a tweet about the topic, it was revealed that the total number of transactions on Shibarium exceeded 20 million. Subsequently, a significant update occurred. 
Data from Puppyscan revealed that daily transactions have gained upward momentum since May 2023. As of the time of writing, the daily transaction count was 491,994. The number of wallet addresses stood at 16,723,362. Moreover, 1,236,598 blocks, with an average block time of 5 seconds, had been created. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-84063 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/shiba-2.png" alt="" width="884" height="1160" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/shiba-2.png 884w, https://en.coin-turk.com/wp-content/uploads/2023/06/shiba-2-130x170.png 130w, https://en.coin-turk.com/wp-content/uploads/2023/06/shiba-2-768x1008.png 768w" sizes="(max-width: 884px) 100vw, 884px" />
SHIB continued to face a dip as its price chart remained in the negative region. According to CoinMarketCap, SHIB&#8217;s price declined by more than 4% in the last 24 hours. At the time of writing, SHIB was trading at $0.000006559 with a market capitalization of over $3.8 billion. However, Shibarium&#8217;s success wasn&#8217;t enough to change the market sentiment surrounding SHIB. 
The memecoin&#8216;s social volume experienced a sharp decline, representing a decrease in its popularity. The negative sentiment surrounding SHIB increased in the past seven days, as inferred from the declining weighted sentiment of the token. 
<h2 style="text-align: justify;" id="shiba-inu-commentary-whales-are-stepping-back">Shiba Inu Commentary: Whales Are Stepping Back</h2>
The price movement of <a href="https://en.coin-turk.com/will-the-altcoin-giant-take-off-again-insight-into-shiba-inus-market-trajectory/" target="_blank" rel="noopener" data-wpel-link="internal">SHIB</a> affected its popularity among whales. According to Whalestats, SHIB was the most traded token among the top 100 ETH whales in the last 24 hours. However, it ranked 12th on the list of cryptocurrencies these whales bought. Therefore, it appears that major players in the crypto space might be selling their SHIB assets. CryptoQuant had recently pointed to a promising bull signal for better days ahead. 
Shiba Inu&#8217;s Relative Strength Index (RSI) is in the oversold position, which could increase buying pressure in the coming days. SHIB&#8217;s net deposits on exchanges were also lower than the 7-day average. 
Moreover, SHIB&#8217;s off-exchange supply reversed its exchange supply. This is a typical bull signal and indicates buying pressure in the market. However, SHIB&#8217;s MVRV Ratio significantly dropped at the time of writing, which could pose a problem. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-84064 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/shib-3.png" alt="" width="1102" height="390" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/shib-3.png 1102w, https://en.coin-turk.com/wp-content/uploads/2023/06/shib-3-300x106.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/shib-3-768x272.png 768w" sizes="(max-width: 1102px) 100vw, 1102px" />
The post <a rel="nofollow" href="https://en.coin-turk.com/major-correction-for-shiba-inu-shib-despite-shibariums-milestones/" data-wpel-link="internal">Major Correction for Shiba Inu (SHIB) Despite Shibarium&#8217;s Milestones</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Major Correction for Shiba Inu (SHIB) Despite Shibarium’s Milestones

Table of Contents

COINTURK NEWS

Other articles published on Jun 12, 2023

XRPL Might Go 'Inter-Chain' With This Mechanism

ShopNEXT Community Report – May 2023

The Stellar Ecosystem is rapidly expanding and attracting more DeFi developers

Crypto Weekly Roundup: SEC’s View On SOL, ADA, MATIC, And More

The Block founder Mike Dudas criticizes SEC and EOS

Binance Shifts 750M USDT from Tron Network in Response to Regulatory Pressures

Join our free newsletter for daily crypto updates!