Shiba Inu’s (SHIB) price recently increased significantly but dropped by 4.5% in the last 24 hours due to a notable decrease in active Shibarium accounts and daily transactions. The memecoin market also saw declines, but some data suggests SHIB might experience a potential resurgence due to reduced selling pressure.
What’s Happening with Shiba Inu?
The price of Shiba Inu, the second-largest memecoin by market cap, increased by almost 20% but then declined over the past two weeks. However, in the last 24 hours, this rise turned into a decline. Currently, SHIB is trading at approximately $0.00001868, showing a 4.5% drop on the daily chart.
The price pullback coincides with a decline in some key metrics of the Shibarium ecosystem. Data shows that active accounts on the network dropped from 631 on July 17 to 209 on July 18. New daily transactions also saw a noticeable decrease.
Shibarium was designed to support the development of the Shiba Inu ecosystem by increasing speed and scalability and reducing transaction costs, officially launching in August last year. Numerous milestones have been achieved in the past few months, and according to some industry experts, further progress is crucial for SHIB’s potential price increase.
Additionally, some significant upgrades, such as the introduction of a new user interface described by the team as faster, smoother, and more accessible, have taken place. The primary goal was to allow compatibility with popular personal custody wallets, including MetaMask, Coinbase Wallet, and Trust Wallet.
Why is SHIB Dropping?
Another possible factor negatively affecting SHIB’s price today could be the general decline in the memecoin world. Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), Brett (BRETT), and many others are deeply in the red, with the market cap dropping nearly 2% during the day. The only notable gainer among the top 5 was dogwifhat (WIF), which increased by 3% in the last 24 hours.
It is worth noting that some data suggests Shiba Inu might soon replace the correction with a new revival. According to CryptoQuant data, the net flow in the SHIB market has been predominantly negative over the past seven days. The shift from centralized platforms to self-custody methods is generally seen as bullish, as it reduces immediate selling pressure.
