Bittime - Shiba Inu (SHIB), a popular meme coin, is being hit by bad news. Shibarium, the Layer-2 blockchain that powers SHIB, experienced a sharp decline in transaction activity. So, how does this affect the price of SHIB? The answer is in this article!
In the last month, transaction volume on Shibarium fell by almost 97%! This drastic drop also sparked concerns about the future of Shibarium and its impact on the SHIB price.
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Even so, the overall transaction volume on Shibarium since its launch last August shows a slow and steady increase in activity. To date, more than 417 million transfers have occurred at Shibarium.
Also read: SHIB/USDT Price: 20,000 SHIB Investors Sell Their Tokens, What Sign?
Why can Shibarium transactions drop drastically?
Previously, on April 17, Shibarium reached a record high with 562,990 daily transactions. However, the figure has now plummeted to only 11 transactions!
Influence on SHIB Price
Interestingly, amidst the decline in Shibarium transactions, the price of SHIB actually increased. SHIB price rose 5% in the last month and 3.45% in the last week.
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Investor sentiment towards SHIB still seems positive. Technical indicators show that 83% of analysts view SHIB bullishly, as does the Fear & Greed Index which shows a score of 73 ('Greed' category).
Also read: Shiba Inu Shiba Inu Announces Shibarium Hard Fork Occurring on May 2
What are the future prospects for SHIB?
Data from Coinglass shows a decrease in SHIB trading volume of 19.24% and a decrease in Open Interest of 1.58%. This indicates weakening trading activity and a potential reduction in short-term interest from traders.
The current SHIB market activity is like a tug of war between bullish and bearish investors, as can be seen from the inconsistency of trading volume and unclear market sentiment.
With the current high volatility, SHIB price will likely continue to fluctuate with a slight downward trend in the short term. Investors and traders need to pay close attention to SHIB price movements.
If SHIB is able to cross the $0.00002475 support mark or break a new high, the situation will become clearer.
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How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/IDR. To be able to buy SHIB IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Why is Shiba Inu Attracting Interest Again? Key Factors
SHIB Names, New Shiba Inu Product with 69% Discount!
SHIBA Inu: The Crypto Asset that is Taking the Cryptocurrency Market by Storm
Shiba Inu Will Soon Hardfork the Shibarium Network, What Will It Impact?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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