Shiba Inu (SHIB) is experiencing a significant decline. Recently, user activity on the Layer-2 (L2) platform Shibarium has visibly decreased, as shown in the charts. On Monday, due to the market downturn, demand for the network fell to its lowest monthly level. This decline occurred despite the prolonged drop in the value of Bone ShibaSwap (BONE), the token used to pay transaction fees on the network. Additionally, BONE’s price has dropped by over 11% in the last 30 days, yet it has not affected users’ return to the L2.
Shibarium Users Leave the Platform
To briefly introduce Shibarium, it is an L2 blockchain built on the Ethereum network and designed to advance the Shiba Inu ecosystem. According to data provided by Shibariumscan, user activity on the L2 has visibly decreased over the past few days.
Data from Monday revealed that the daily number of individual addresses conducting minimal transactions on Shibarium fell to 321, marking the lowest monthly level for the network. This decline occurred after the number of active addresses on the network rose to 1,898 on August 1.
Additionally, there was a decrease in new demand on Shibarium. On Tuesday, only six new addresses were created on the network, reflecting a 98% drop compared to the 361 new addresses using Shibarium on August 1.
SHIB Price Prediction: Whales Start Selling
Although the overall cryptocurrency market has stabilized, SHIB whales were seen selling their holdings. This situation is evident from the 67% drop in the net flow of meme coin whales over the past seven days.
Generally, a decrease in the net flow of an asset’s whales can be interpreted as them selling their tokens. This may also prompt individual investors to sell their tokens, creating more price pressure on the coin.
If SHIB whales continue to sell, the price could drop to $0.000010. Conversely, if the selling pressure decreases and buying activity increases, the meme coin’s value could rise to $0.000018, negating the current downtrend.
As of the time of writing, SHIB is trading at $0.0000132, reflecting a 3.49% drop in the last 24 hours. The SHIB/TRY pair shows a price of 0.00044260 TL.
