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Cryptocurrency investors were showing intense interest in meme tokens last week. However, this interest suddenly faded. Shiba Coin price failed to capitalize on the meme coin surge of the previous week. So will the upcoming significant upgrade be a good price catalyst for it? What are the current Shiba Coin price expectations?
Shiba Coin
Shiba and Doge didn’t get their share of the meme token craze in the first week of May. As the market capitalization declined and interest in meme coins increased, Binance could not resist the intense demand. With the Pepe Coin listing, the price has reached the ATH level for now. So what’s the latest on the Shiba front?
Shiba Inu has not shown significant activity in terms of price gains in the recent past. This has upset investors as they have not been able to make a profit. However, the upcoming Shibarium update could change things as SHIB is quite quick to respond to ecosystem-related updates.
Shibarium Update
LUCIE announced a new update to Shiba Inu’s much talked about Shibarium in a post yesterday. The latest post stated that the Shiba Inu team is currently in the process of deploying both VOR and OoO on the Shibarium beta testnet. To date, the Shibarium team has deployed the FUND Test token on the Shibarium beta testnet, successfully bridging L1 and L2. They have also successfully transferred FUND test tokens between L1 (Goerli) and L2.
The post also stated that in the next phase, the relevant 000 and VOR Router smart contracts will be deployed on Shibarium L2 and finally Oracle applications will be deployed to serve data requests. While Memecoins have a reputation for reacting quite quickly to the latest updates, the same was not the case for SHIB this time.
Shiba Coin Future
On the other hand, Shiba Coin‘s popularity is declining. The decline in social dominance explains the meltdown in Shib price. The good news, however, was that the SHIB MVRV Ratio improved slightly over the past few days, which has the potential to be reflected in the SHIB price soon. Moreover, Shiba Inu’s network growth was also high, indicating that more new wallet addresses were created last week. CryptoQuant’s data shows that the SHIB exchange reserve is also decreasing.
The RSI is in oversold territory, indicating that the decline may end soon.
