Shiba Inu Enters Accumulation Zone Amid 493% In Shibarium Transaction Fees

As a researcher with experience in the crypto market, I’ve seen my fair share of price volatility and market shifts. And the current Shiba Inu (SHIB) price action is no exception. The recent downturn, which has pushed SHIB to a 100-day low, is undoubtedly disheartening for investors. However, I believe that this could be an opportunity rather than a setback.

As a crypto investor, I’ve been feeling frustrated with Shiba Inu‘s recent price action, especially since its losses have extended beyond 30% over the past month. However, I believe that this may be the perfect opportunity for patience to pay off. According to recent on-chain data and technical analysis, we’re currently in the accumulation phase for Shiba Inu, which could be a sign of an upcoming bull run. Furthermore, there has been a significant surge in transaction fees within the Shibarium network, amounting to a 493% increase. As an investor, this may be an ideal time to consider purchasing more SHIB and taking advantage of these trends.

Shiba Inu Price Hits 100-Day Low As Bears Take Control

Over the past few weeks, Shiba Inu (SHIB) investors have experienced significant losses. Following a brief surge to $0.00002756 in late May, which provided support at $0.000022, SHIB has plummeted by more than 30%. This downturn caused the meme coin’s price to dip below $0.000017 earlier this week, reaching a 100-day low. As a result, billions have been erased from Shiba Inu’s market capitalization.

As a crypto investor, I’ve noticed that experts have been pointing fingers at meme coin investors for causing this recent market downturn. And unfortunately, Shiba Inu hasn’t escaped this trend. I’ve seen significant transfers of Shiba Inu tokens being moved to crypto exchanges, indicating a potential mass sell-off by investors.

As an analyst, I’ve observed that SHIB‘s price decrease has created a buying opportunity for traders at its current low costs. Contrary to what one might expect, network activity remains robust despite the recent bearish trend in SHIB’s pricing.

As a crypto investor closely monitoring Shibarium’s performance, I’ve noticed an astounding 493% surge in transaction fees on the layer-2 network over the past week. This significant spike can be attributed to the increased transaction activity on the network. Specifically, there were only 5,865 new transactions at the beginning of the week, but by the end of it, that number had nearly tripled to 16,337 – a staggering 178% increase.

In Shibarium, despite paying transaction fees with BONE tokens, part of these tokens gets transformed into SHIB before being eliminated from the total supply.

What’s Next For SHIB?

As a market analyst, I’m observing that at present, SHIB is being traded at a price of $0.00001702 and appears to be consolidating. However, there’s ongoing debate amongst experts regarding the future trajectory of meme coins like SHIB. Ki Young Ju, the CEO of CryptoQuant, holds the view that the current trend could mark the end of meme coin dominance within the altcoin market.

From my perspective as an analyst, I hold the conviction that Shiba Inu’s upward trajectory is far from over. The recent market correction might even be beneficial for the coin’s future growth. To put things into context, since its last bullish surge, Shiba Inu has already gained a staggering 100%. Looking further ahead, there’s potential for an additional 294% increase in price. My calculated targets stand at $0.000081 and $0.0001553.

Shiba Inu Enters Accumulation Zone Amid 493% In Shibarium Transaction Fees

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2024-06-25 07:00