Cryptocurrencies have returned to the days of positive volatility, aiming for a cumulative value of $1.4 trillion. At the time of writing this article, the cumulative value, which was at $1.37 trillion, surpassed this threshold and is now targeting a milestone of $1.5 trillion. So what do the current data tell us about Shiba Coin?
As the second largest meme coin by market value, Shiba Coin is experiencing its first encounter with a challenging bear market and has managed to remain relatively strong. Although it did not deliver the expected performance in the recent rally, we cannot say it has failed in its first bear season. The team has managed to keep investor excitement alive (as much as possible) by regularly releasing products in hype areas, even if they are useless products.
The chart below provides a general overview of the on-chain view. Active addresses have been declining since November 5th. However, there is a slight recovery in new addresses, indicating that Shiba Coin is able to attract new investors while Bitcoin‘s growth accelerates.
A noteworthy detail in terms of social volume is the number of Telegram participants, as it represents active investors to some extent. This number has been steadily declining over the past year, reaching the level of 94.3K. This is not a positive development for the price.
So, what about Shibarium? The tables below suggest that things are not going well here either. As I mentioned before, what matters for the Shiba team is to keep investors engaged during the hype period and they did this with Shibarium when the excitement for layer 2 solutions was high. Perhaps they are now considering something in the RWA field?
The price has been unable to break free from the parallel channel it has been in for a long time. It does not seem possible for the price to do so without closing above $0.0000087 on the daily chart. Today, after testing this zone exactly, the SHIB price pulled back due to the decline in BTC. If it can close above this level, it may target the $0.0000093 and $0.00001 regions.
The resistance line of the channel is at $0.00001146, and breaking through this level could trigger the long-awaited rally. MEME, PEPE, and other alternatives have divided the attention of investors in this area. The Shiba Coin team will now need to start attracting users with their existing products rather than new products.