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Despite the strong development around Shiba Inu’s (SHIB) Shibarium, the native token has failed to meet investors’ expectations. Since the launch of Layer-2, SHIB’s market value has significantly dropped, causing the meme coin to lose ground. If the downward trend continues, SHIB could potentially drop out of the top 20 cryptocurrencies by market value.
Increasing Adoption of Shibarium
Shibarium continues to be a hot topic of discussion due to its increasing adoption in recent weeks. In particular, Shibarium follower Shibariumscan.io revealed that the total number of wallets has exceeded 1.1 million. Furthermore, its usage has increased as the total transaction count reached 1.38 million. At the time of writing this article, Shibarium had processed over 520,000 blocks with an average block time of five seconds.
Despite Shibarium’s growth, SHIB has not responded positively. In fact, LUCIE, an official user on X (formerly known as Twitter) who shares updates about the Shiba Inu ecosystem, also highlighted that most investors have incurred losses.
According to CoinMarketCap, SHIB has experienced a decline of more than 4.5% in the past seven days. At the time of writing, it was trading at $0.000007627 with a market cap of over $4.5 billion, making it the 16th largest cryptocurrency. If the downward trend continues, SHIB’s position in the top 20 crypto list could vanish.
Current Status of Shiba Inu
However, a quick look at SHIB’s daily chart suggests that dark days may soon come to an end due to several market indicators showing signs of recovery. For instance, the Money Flow Index (MFI) recorded an upward trend, which is a favorable development for buyers.
At the time of writing, MACD indicated the possibility of a bullish crossover. Shiba Inu’s Bollinger Bands suggested that the price of SHIB was in a less volatile range, minimizing the likelihood of an unprecedented drop. However, the Relative Strength Index (RSI) continued its downward trend.
While the price of the meme coin remains low, investors have seized the opportunity to buy more SHIB. This can be understood from the decrease in supply on exchanges, while the supply outside of exchanges has increased in the past few weeks.
However, the confidence of whales in the meme coin has declined as the supply held by top addresses experienced a slight decrease in the recent past. Although some indicators suggest a reversal in the trend for SHIB, Bone ShibaSwap (BONE) and Doge Killer (LEASH) continue to bear the brunt of the bears.
