Shiba

Token

Impact

Shiba Inu

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inu-token-stagnates-while-shibarium-network-thrives" rel="noopener noreferrer nofollow">Shiba Inu Token Stagnates While Shibarium Network Thrives</a><br></p>
<p style="text-align: justify">The Shiba Inu (SHIB) token, known for its past volatile upswings following its meme token status, has recently shown lackluster performance in the <a href="https://en.bitcoinhaber.net/central-bank-of-new-zealand-leader-challenges-the-credibility-of-stablecoins-and-bitcoin" rel="noopener noreferrer nofollow">cryptocurrency</a> market. Despite an overall bullish trend in the past, SHIB’s growth has now plateaued, witnessing a marginal 9.5% increase over the preceding week but losing momentum in the subsequent days.</p>
<h2 id="market-movement-of-shib">Market Movement of SHIB</h2>
<p style="text-align: justify">Presently, SHIB is trading at $0.00003047, accounting for a market capitalization exceeding $17.9 billion. Its gradual price increase of 2% in the past day contrasts with a declining social presence, as suggested by data from Santiment, which indicates a downtrend in SHIB’s social volume and sentiment.</p>
<p style="text-align: justify">Conversely, the Shibarium Layer 2 network, which operates in parallel to the Shiba Inu token, shows remarkable network activity. Shibarium has processed a staggering amount of over 400 million transactions, nearing 4 million blocks with a daily transaction count of 58,000, and has amassed 1.38 million wallets.</p>
<h2 id="shibarium-s-impact-on-shib-s-value">Shibarium’s Impact on SHIB’s Value</h2>
<p style="text-align: justify">While Shibarium’s achievements are significant, they may not immediately stimulate SHIB’s price. With the network-value-to-transaction (NVT) ratio experiencing a slight uptick and SHIB supply on exchanges increasing, signs point towards a potential price decline. Moreover, the supply distribution by top wallets hints at rejection, compounding selling pressure.</p>
<h2 id="points-to-consider">Points to Consider</h2>
<ul>
 <li>SHIB’s current market performance is not as dynamic as Shibarium’s transactional growth.</li>
 <li>The NVT ratio increase and exchange supply dynamics could signal a future decline in SHIB’s price.</li>
 <li>Despite unfavorable metrics, the RSI suggests potential short-term volatility for SHIB.</li>
</ul>
<p style="text-align: justify">While technical indicators like Bollinger Bands show stability, reducing the chance of a significant price surge, the relative strength index (RSI) has moved above a neutral threshold, hinting that the token’s price might see increased volatility shortly.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/shiba-inu-token-stagnates-while-shibarium-network-thrives" rel="noopener noreferrer nofollow">Shiba Inu Token Stagnates While Shibarium Network Thrives</a></h5>

Shiba Inu Token Stagnates While Shibarium Network Thrives

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