Shiba, the second largest meme coin in terms of market value, has calmed down again after the recent major news. Shiba Inu (SHIB), which has been following the general market trend, has deviated from its positive divergence process. The recent major drop in BTC price also had an impact on this. So what does the current situation tell us?
The efforts of the popular altcoin to create its own ecosystem are being watched with admiration by all other meme coins. The Shiba Coin team, which launched its own DeFi platform, metaverse product, and most recently, layer2 solution, has achieved great things. The Shibarium launch represented a significant turning point and the number of wallets on the network surpassed the threshold of 1 million in a short period of time.
The transition of Shibarium to the mainnet has increased excitement. Because it was announced that, by its nature, the network would support the burning of Shiba Coin. Calculations based on the activity during the testnet period showed that a burning worth $40 million could be achieved.
But there is a problem. Current data shows that the number of active users, which reached 7729 on August 26, has dropped below 1000 as of yesterday. The “new users” graph, which made new peaks on August 24, 26, and 28, is also heading towards the bottom. Only 58 new users joined the network yesterday. This clearly indicates that the excitement around Shibarium has faded. It also confirms the drop in the price of Shiba Coin.
If this negativity on the on-chain side continues, Shibarium will have deflated like a balloon. In this scenario, we may see the price drop to the $0.000006 region and below.
At the time of writing, the price finds buyers at $0.00000735. If the Shiba Coin price continues to stay below $0.000008, we can see it retracing to the next support level. On the other hand, data from 21milyon.com provides information about the TL price on local exchanges. When we check the website, we can access the Shiba Coin TRY pair on the desired local exchange.
In the TL pair, Shiba Coin finds buyers at 0.0002001 TL. In the past 30 days, the popular altcoin has lost approximately 27% of its value against TL. Considering the decrease in BTC price and the rapid interest rate hikes by the Central Bank of the Republic of Turkey (CBRT), this is understandable.