Why Shiba Inu (SHIB) Ended Its 14-Day Pump: Unveiling the Possible Reasons

Bombolo | News and Media

Shiba Inu (SHIB), often referred to as "the Dogecoin killer," is currently facing difficulties in maintaining its position amidst a challenging market environment. The recent market decline has further intensified the struggles for SHIB, as investors eagerly await the launch of "Shibarium," a highly anticipated layer-2 blockchain. However, concerns are mounting due to the lack of progress in the network's deployment, especially in light of the recent volatility in SHIB prices.

Also Read: The Journey Towards $0.01: What Does It Take for Shiba Inu (SHIB) to Reach its Milestone?

The Promise of Shibarium

The long-awaited Shibarium holds significant promise for SHIB investors. This layer-2 blockchain aims to enable token burns and facilitate SHIB transactions with reduced gas fees. However, the delay in its launch has cast a shadow of doubt on SHIB's price recovery. While other top cryptocurrencies have shown positive gains, the meme token has declined by more than 14% in the last 30 days.

Shiba Inu (SHIB) Witnesses Volatility

Over the past weekend, the meme coin experienced a notable downturn, plunging from $0.000008 to $0.000005. However, following the recent upward momentum in the crypto market, the Shiba Inu price surged by over 5.5% in a week, reclaiming the $0.000007 levels.

Also Read: Burning Up: Shiba Inu (SHIB) Witnessing a Whopping 1,600% Rise in Burn Rate and its Impact on Price

Despite this, SHIB has faced a wave of bearish sentiment, particularly fueled by Elon Musk's suspension of the Shiba Inu burn tracking Twitter account, which was activated today. Consequently, SHIB's price dropped from $0.000008019 to a 24-hour low of $0.000007476. At the time of writing, SHIB is trading at $0.000007555 with a 24-hour trading volume of $105 million, reflecting a 2% increase. The memecoin's price has also soared over 12% in the last 14 days, and it currently holds a market cap of $4.4 billion. Furthermore, Shiba Inu is currently in the sell zone, indicating the potential for future value appreciation.

The Prolonged Delay and Investor Confidence

The prolonged delay in the release of Shibarium continues to weigh on investor confidence. Shiba Inu developer Shytoshi Kusama has hinted that the layer 2 solution will be made public in the upcoming month. Despite this assurance, the lack of progress in the network's deployment has raised concerns among investors, potentially impacting SHIB's price and market perception.

Shiba Inu (SHIB) is navigating a challenging market environment, struggling to maintain its position amidst a recent market decline. While the launch of Shibarium holds significant promise for SHIB investors, the delay in its release has cast doubts on the token's price recovery. Volatility remains a key factor affecting SHIB's performance, with recent bearish sentiment further complicating the situation. The upcoming release of Shibarium will be crucial in determining SHIB's future trajectory.

Also Read: "$SHIB Price 1 cent ($0.01) is technically possible by 2030", Top crypto experts explain

FAQs

1. What is Shibarium, and why is it important for SHIB investors?

Shibarium is a layer-2 blockchain that aims to enable token burns and reduce transaction fees for SHIB. Its launch is highly anticipated as it holds significant promise for SHIB investors, potentially influencing the token's price and market dynamics.

2. How has recent market volatility affected SHIB's performance?

SHIB has experienced a notable downturn during recent market volatility, but it has also shown signs of recovery with upward price momentum. However, bearish sentiment, such as Elon Musk's Twitter account suspension, has further impacted SHIB's price and investor sentiment.

3. What is the current trading volume and market cap of Shiba Inu (SHIB)?

At the time of writing, SHIB has a 24-hour trading volume of $105 million and a market cap of $4.4 billion. These figures indicate the ongoing interest and involvement of investors in the SHIB ecosystem.

4. When can we expect the release of Shibarium?

Shiba Inu developer Shytoshi Kusama has hinted that Shibarium will be made public in the upcoming month. However, it's important to note that delays in the network's deployment have caused concerns among investors.

5. What does being in the "sell zone" mean for SHIB?

Being in the "sell zone" suggests that SHIB may experience an increase in value in the future. This indicator can influence investor decisions and trading strategies.