In the volatile world of digital currencies, the favored meme coin, Shiba Inu (SHIB), may be teetering on the brink of significant change. Over the past month, the cryptocurrency saw a steep 30% dip. Despite this, recent analyses on market trends point to a silver lining for investor nerves, and it appears the waiting may soon bear fruit. The current dip in coin value has taken Shiba Inu into the accumulation phase, sounding the trumpet for a potential new bullish chapter.
Shiba Inu’s declines in recent weeks have gone past what some considered imaginable. After peaking at $0.00002756 in late May, having surged from $0.000022, the coin has nosedived more than 30% to flirt briefly with a meager $0.000017. What began as a teddy bear picnic has abruptly shifted to a grizzly bear banquet as the popular meme coin suffered its lowest price in 100 days, erasing billions from its market cap.
This tumble from grace happened amidst investors’ mass exodus from meme tokens. Shiba Inu was not exempt from this mass migration, with a notable proportion of its coins heading to cryptocurrency exchanges.
Yet, the currently low prices may now turn into fortuitous bounty for traders who have been holding out for the opportunity to scoop up Shiba Inu at discounted rates, potentially signaling an approaching tide-turning moment.
One would harbor the notion that with Shiba Inu’s value taking a damaging blow, the volume of activity on its network would naturally follow suit. Instead, the opposite has been observed. The latest information from Shibariumscan revealed an astounding 493% escalation in transaction fees on the Shibarium layer-2 network. This leap was propelled by a corresponding upswing in network activity. Transaction numbers spiraled from 5,865 to 16,337, a cheek-reddening 178% increase.
Although the transaction fees on the Shibarium platform are settled using BONE tokens, a portion of these are converted to SHIB and subsequently eliminated from circulation. Consequently, this process will decrease the number of SHIB tokens able to change hands.
Looking ahead, opinions over Shiba Inu’s future are increasingly polarized. As of this moment, Shiba Inu’s present trading value is a sober $0.00001702. Predictions for this changeable meme coin are as varied as they come. On one hand, Ki Young Ju, CryptoQuant CEO, speculates that given the current downtrend, meme coin dominance might be facing its ultimate twilight.
Contrarily, Digital currency analyst Javon Marks retains a more hopeful outlook, suggesting the popular meme token still has ground to break on the upward trajectory, with the recent pullback potentially serving as a catalyst. Marks maintains that Shiba Inu, which is still standing at a 100% increase since its last wave of bullish momentum, could potentially rocket up further, targeting a staggering 294% increase. Price predictions are optimistically set at $0.000081 and $0.0001553. As it stands, the future seems fraught with equal parts peril and promise, but for now, Shiba Inu’s rollercoaster journey through market fluctuations continues.
