The fast adoption of the Shiba Inu (SHIB) ecosystem in the recent past has been attributed to the increased growth of Shibarium. For instance, in the most current crash of the cryptocurrency market after Bitcoin dipped below $65K, the second largest dog-themed cryptocurrency in the market, Shiba Inu (SHIB), dropped by more than 11%, hovering near $0. 0000175 on Tuesday.
The meme coin, with a high market cap that currently stands at about $17. 6 billion when fully diluted, has received a lot of attention from crypto whale investors.
As per the on-chain data available on IntoTheBlock, Shiba Inu has traded more than $1. 1 billion in transactions worth more than $100,000 in the past week; this number rose from 62 to 162 identified whales’ transactions between June 16 and 17.
The research shows that 73% of Shiba Inu holders possess addresses that possess over 1% of the circulating supply, accompanied by a significant uptick in whale trading volume, which increased to approximately $665 million in the last day.
Analyzing the Effects of the Statements and News on Shiba Inu (SHIB) Price Changes
As the number of whales increased in the Shiba Inu ecosystem, indicating that volatility will increase – similar to Bitcoin, as evidenced by the 0. 64, which may mean similar cycles are at play as the market undergoes fluctuations.
As much as market players sought to keep the price above $65K, the back and forth below this level is an indication of elevated selling pressure on spot BTC ETFs.
At the same time, SHIB has reduced by more than 26 percent in the two weeks of the current market downturn.
From a technical analysis point of view, the Shiba Inu price may likely go lower to $0. It also mentions 000015, which corresponds to a daily overall goal of 1. 618 Fibonacci Extension level.
Nevertheless, the macros remain bullishly oriented for Shiba Inu’s price: the weekly Relative Strength Index (RSI) just crossed the 70 level for the first time this year.
Understanding of the Market Prospects
Changelly pointed out that the presence of Solana-based meme coins and projects like SHIB reduced its global influence. Although Shiba Inu remains the second-largest meme coin by total market cap, it has underperformed rivals such as Pepe (PEPE) in the last trading sessions.
However, the core developers of the Shiba Inu are continuing to work on the Shibarium scaling solution, which should help the coin to progress. The new direction of Shiba Inu into more useful crypto initiatives is evident as ten DeFi projects on Shibarium, spearheaded by ShibaSwap.
