Shiba Inu Price Challenge: Gunning For $0.00001 After Shibarium Snag
22 August 2023 - 8:00PM
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Shiba Inu (SHIB) has recently witnessed a tumultuous journey marked
by a sharp reversal from its peak at $0.00001136. This
reversal, known as a V-top, has raised significant concerns within
the crypto community and the trading floors. But what exactly does
this term mean, and what implications does it hold for SHIB
investors and enthusiasts? A V-top reversal is a distinctive price
pattern observed in technical analysis. It occurs when a
cryptocurrency’s value experiences a rapid ascent to a peak,
followed by an equally swift decline. Related Reading:
Polygon (MATIC) At June Lows Again – Prospects For Bullish
Recovery? In SHIB’s case, this sharp reversal saw its value plummet
from $0.00001136, a striking deviation from its recent surge. This
downward spiral has caused the current price to stand at
$0.00000789 according to CoinGecko data, reflecting a 4.5% drop
within 24 hours and a staggering 23.1% slump over the past seven
days. Shiba Inu: The Intersection Of FUD And Network Activity The
timing of this massive price slump coincides with a period of
uncertainty and anxiety within the SHIB community, centered around
the Shibarium Layer 2 launch. The emergence of fear, uncertainty,
and doubt (FUD) has cast shadows over the project, leading to
heightened caution among SHIB holders. Similar to Polygon,
Ethereum, and other blockchains, Shibarium is open for anyone to
build on. Regrettably, this also provides an avenue for bad actors
to develop scam dApps and rug-pull tokens, among other things. The
mere incorporation of the term “Shibarium” or “Shib” in…
pic.twitter.com/AiNqORi7J2 — 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium
(@LucieSHIB) August 16, 2023 Lucie Shib, a prominent figure in the
Shiba Inu executive team, further accentuated these concerns by
issuing warnings about potential risks of exploitation. As a result
of these apprehensions, SHIB holders have noticeably scaled back
their transactional engagement over the past week. A closer look at
CryptoQuant data highlights a stark contrast: on August 12, the
SHIB Transaction Count exceeded 16,500, pushing the price to a
four-month peak. Source: CryptoQuant However, this number
dropped drastically to a mere 5,601 transactions on August 21,
signifying a substantial 66% decline in network activity. This
trend has been fueled not only by Shibarium FUD but also by the
broader downtrend sweeping through the crypto market. Related
Reading: XRP About-Face Sparks Another Descent – What Lies Ahead?
Shiba Inu (SHIB) is currently trading at $0.00000795. Chart:
TradingView.com A Glimpse At SHIB Demand And Potential Recovery
Meanwhile, recent trading data from multiple cryptocurrency
exchanges indicates that Shiba Inu enthusiasts are actively placing
purchase orders, indicating their optimism for a positive market
shift. This reflects their confidence in a potential bullish
reversal and their active engagement in shaping Shiba Inu’s future.
Source: IntoTheBlock Optimistic investors have initiated live
purchase requests for nearly 2 trillion SHIB tokens, marking a rise
of 400 billion compared to the 1.5 trillion SHIB orders registered
the previous week. In contrast, the quantity of sell orders has
maintained its position at 1.2 trillion SHIB tokens, showing little
movement. Related Reading: XRP About-Face Sparks Another Descent –
What Lies Ahead? This intriguing observation suggests that, despite
prevailing uncertainties, market demand for SHIB remains strong, as
investors potentially await the clearance of FUD clouds. Looking
ahead, the resolution of challenges surrounding the Shibarium L2
network could pave the way for SHIB to regain momentum and reclaim
the $0.000011 threshold. (This site’s content should not be
construed as investment advice. Investing involves risk. When you
invest, your capital is subject to risk). Featured image from
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