Shiba Inu Gets Stuck In Price Range – Will SHIB Break Free?
21 Abril 2023 - 3:38AM
NEWSBTC
Shiba Inu (SHIB), the beloved meme-inspired cryptocurrency, is
feeling the heat as the entire crypto market bleeds red on April
21. But unlike some of its peers, Shiba Inu seems to be stuck in a
price range, leaving investors wondering if it’s the calm before
the storm or the new normal. When a cryptocurrency, or any
asset, is stuck in a price range, it means that it has been trading
within a specific range of prices for an extended period of time,
with little upward or downward movement. As the digital asset
struggles to break free from its current slump, the question on
everyone’s mind is: will Shiba Inu’s bark ever match its bite?
Related Reading: Shiba Inu (SHIB) Price Momentum Screeches To A
Halt: What’s The Outlook? Shibarium Beta Progress A Ray Of Hope For
Shiba Inu Shiba Inu’s dedication to growth and innovation is on
full display with the recent public release of Shibarium beta’s
documentation and continued project developments. However,
while the platform is making strides forward, SHIB’s price remains
stagnant, as the market remains hesitant and uncertain. Despite
Shiba Inu’s best efforts to expand their ecosystem and improve its
capabilities, its fortunes have taken a recent hit, with the
cryptocurrency experiencing a 2.30% drop in just 24 hours and a
6.84% slump over the past week, as reported by CoinMarketCap. SHIB
Burning Sees Mild Growth, Whale Trading Activity Down As the price
of Shiba Inu takes a much-needed breather, the total number of SHIB
tokens being burned has seen mild but consistent growth. Within the
last 24 hours alone, over 5.2 million SHIB tokens were burned,
indicating that the community is taking steps to regulate the
token’s supply. Shiba Inu’s impressive performance hasn’t
gone unnoticed either, as the cryptocurrency has been on a rampage
for the better part of the week. The meme coin’s network activity
reached a new high at the end of March, with nearly 36,000 SHIB
addresses transacting on the network. #ShibaInu saw the largest
spike in daily active $SHIB addresses over a year, with ~35,788
unique #SHIB addresses interacting on the network!
pic.twitter.com/gNoH7UrYgf — Ali (@ali_charts) April 1, 2023
According to crypto-analyst Ali Martinez, citing Santiment data on
Twitter, this was the highest daily surge in active addresses
recorded in 2023, setting a record high for network activity since
the beginning of the year. However, despite the launch of the
highly anticipated Shibarium L2, whale trading activity has
continued to decline. This suggests that the market’s largest
players may be sitting on the sidelines for the time being, waiting
for the right moment to make their move. As the price of SHIB
remains stagnant, it remains to be seen how these developments will
impact Shiba Inu’s overall trajectory in the long run. Shiba Inu
(SHIB) market cap at $6.11 billion on the daily chart at
TradingView.com Related Reading: OKB Tallies 24% Increase But
Active Addresses Fail To Keep Pace – Here’s Why What’s Next For
SHIB? As Shiba Inu navigates through a period of uncertainty, it’s
worth examining what the future holds for the cryptocurrency. While
the recent Shibarium L2 launch and increased network activity have
been promising developments, whale trading activity has continued
to decline. This could be an indication that the market’s
largest players are adopting a wait-and-see approach, looking for
more clarity and stability in the market before making any
significant moves. -Featured image from Jake A Carlson
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