Shiba

2024

Internet Computer

Shiba Inu

Daily

<ul> 
 <li><em>SHIB fell to $0.000009 around the same time Shibarium activity dropped.</em></li> 
 <li><em>The sentiment toward Shiba Inu has changed for the better.&nbsp;</em></li> 
</ul> 
<p>The price of <a href="https://ambcrypto.com/search/shiba+inu" target="_blank" rel="noopener" data-wpel-link="internal">Shiba Inu [SHIB]</a> joined in the widespread market decline on the 7th of January, AMBCrypto observed. At press time, SHIB’s price was $0.0000090. This was after it lost 5.90% of its value in the last 24 hours.</p> 
<p>However, Shiba Inu’s troubles have been a long-standing one, especially as it concerns its price action.</p> 
<p>This underwhelming state was why it lost its position to <a href="https://ambcrypto.com/search/icp" target="_blank" rel="noopener" data-wpel-link="internal">Internet Computer [ICP]</a> and <a href="https://ambcrypto.com/search/toncoin" target="_blank" rel="noopener" data-wpel-link="internal">Toncoin [TON]</a> earlier. However, it also seems that Shibarium has aided the recent decline.</p> 
<h4>Participants overlook the L2</h4> 
<p>For context, Shibarium is the Layer-tw0 (L2) scaling solution of the Shiba Inu ecosystem. Before its launch, there was hype that the L2 would bring favorable tides to the SHIB price.</p> 
<p>But that has not been the case, despite recording some <a href="http://milestones" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">milestones</a> in terms of activity.</p> 
<p>However, the transactions on Shibarium have reduced over the last few days. According to <a href="https://www.shibariumscan.io/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">Shibariumscan</a>, daily transactions fell to 4 million on the 7th of January.</p> 
<p>This number was a notable decline from the 7.52 million registered around the last days of December 2023.</p> 
<div id="attachment_362642" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-09.39.15.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-362642" decoding="async" class="size-full wp-image-362642" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-09.39.15.png" alt="Number of transactions on Shibarium" width="869" height="325" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-09.39.15.png 869w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-09.39.15-300x112.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Screenshot-2024-01-08-at-09.39.15-768x287.png 768w" sizes="(max-width: 869px) 100vw, 869px"></a>
 <p id="caption-attachment-362642" class="wp-caption-text">Source: Shibariumscan</p>
</div> 
<p>The decrease in transactions suggests a decline in activity on the network. Also, the fall could <a href="https://ambcrypto.com/shib-prices-fall-by-25-should-you-buy-the-dip/" target="_blank" rel="noopener" data-wpel-link="internal">affect</a> the SHIB price and pass a vote of no confidence to the token.</p> 
<h4>SHIB burn plans may change the state</h4> 
<p>AMBCrypto also assesses the SHIB burn data. The purpose of the Shiba Inu burn mechanism is to reduce the circulating supply. This, in turn, creates scarcity and increases the value of the remaining tokens.</p> 
<p>As of this writing, the Burn Rate had <a href="https://www.shibburn.com/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">decreased</a> by 93.70% in the last 24 hours. This decline suggests that the value of SHIB might keep decreasing. However, if the number of SHIB burned increases, then the token price might stabilize.</p> 
<p>Furthermore, there was speculation that the Shiba Inu team had plans to increase the number of tokens burned. This opinion was shared by RagnarShiba—&nbsp;a member of the Shibarium development team.</p> 
<p>According to him, Shiba Inu plans to burn 9.25 trillion SHIB tokens by the end of January.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/SHIBARIUM?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">#SHIBARIUM</a> team member Ragnar tweets that 9.25 trillion <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">$SHIB</a> can be burned this month <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/guwhXQwM9Y" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">pic.twitter.com/guwhXQwM9Y</a></p> 
 <p>— $SHIB BPP (@ShibBPP) <a href="https://twitter.com/ShibBPP/status/1743488141716074860?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">January 6, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>If this happens, then the price of SHIB might recover. In terms of Social Dominance, Santiment data <a href="https://app.santiment.net/charts/bcFPBUvO__sCl" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">showed</a> that the metric had decreased to 0.387%. The decrease in Social Dominance implies that conversations around SHIB have reduced.</p>  
<p style="text-align: center;">How much are <a href="https://ambcrypto.com/convert/1-shib-to-usd" target="_blank" rel="noopener" data-wpel-link="internal">1,10,100 SHIBs worth today</a>?</p>  
<p>However, the drop could be good for the price action, as it could present a buying opportunity.</p> 
<p>A look at the Weighted Sentiment showed the market participants have changed their sentiment toward the token. At press time, the Weighted Sentiment was 0.058. This was a notable increase from what it was on the 7th of January.</p> 
<div id="attachment_362678" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/SHIBA-INU-SHIB-11.25.32-08-Jan-2024.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-362678" decoding="async" class="size-full wp-image-362678" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/SHIBA-INU-SHIB-11.25.32-08-Jan-2024.png" alt="Shiba Inu weighted sentiment and social dominace" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/SHIBA-INU-SHIB-11.25.32-08-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/SHIBA-INU-SHIB-11.25.32-08-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/SHIBA-INU-SHIB-11.25.32-08-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/SHIBA-INU-SHIB-11.25.32-08-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/SHIBA-INU-SHIB-11.25.32-08-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/SHIBA-INU-SHIB-11.25.32-08-Jan-2024-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-362678" class="wp-caption-text">Source: Santiment</p>
</div>

Why SHIB’s current status may have links to Shibarium

AMBCrypto

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