Shiba Inu (SHIB) Price Hits 100-Day Low As Bears Take Control, But Accumulation Zone Entry Signals Bull Run Start
- 王林Original
- 2024-06-25 13:08:28966browse
The current Shiba Inu price action might be leaving some investors wanting, particularly as the crypto has now extended its 30-day losses by over 30%.
Shiba Inu (SHIB) had a rough May as the crypto crashed by over 30%, hitting a 100-day low of $0.000017. However, despite the bearish price action, activity on the Shibarium layer-2 network surged.
According to data from Shibariumscan, transaction fees on the network skyrocketed by 493% in the past week. The massive surge in transaction fees was largely driven by increased transaction activity on the network.
The number of new transactions on Shibarium rose from 5,865 at the beginning of the week to 16,337 at the end of the week, marking a 178% increase.
While transaction fees on Shibarium are paid in BONE tokens, a portion of the tokens are converted into SHIB and then burned, effectively reducing the circulating supply of SHIB tokens.
Currently, SHIB is trading at $0.00001702, showing signs of consolidation. The future of meme coins, including SHIB, remains a topic of debate among crypto analysts.
According to Ki Young Ju, the CEO of CryptoQuant, the downtrend in meme coin dominance in the altcoin market suggests that the hype may finally be dying down.
However, analyst Javon Marks believes that Shiba Inu still has potential to break to the upside and the recent pullback could be a contributing factor.
Marks highlights that SHIB is still up by 100% since its last bullish wave and it has potential to go up by another 294%. Price targets are at $0.000081 and $0.0001553.
News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-price-hits-day-low-bears-control-accumulation-zone-entry-signals-bull-start.html
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