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

Share This Post

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%. However, recent on-chain data and technical analysis indicate that the patience is about to pay off. To be more specific, the current price downturn has seen Shiba Inu entering the accumulation zone, which could signal the start of the next bull run. At the same time, a concurrent 493% increase in transaction fees within the Shibarium network suggests it could be the ideal time for investors to load up.

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

The past few weeks have been a bloodbath for Shiba Inu (SHIB) holders. After rebounding at the $0.000022 support and spiking briefly to reach $0.00002756 in the last week of May, the popular meme coin has plunged over 30%, briefly crashing below $0.000017 this week. This brutal selloff has dragged SHIB to a 100-day low, wiping out billions from its market cap.

Experts have blamed this fall on investors pulling out of meme coins. Shiba Inu wasn’t left out, as the meme coin also witnessed major transfers to crypto exchanges.

From the price side of things, SHIB’s decline means traders now have the opportunity to buy at its current low prices, which may herald the reversal of the bearish trend. You would think with SHIB’s price taking a beating lately, activity on the network would be slowing down. Surprisingly, that’s not the case at all. 

Recent data from Shibariumscan indicates that transaction fees on the Shibarium layer-2 network have skyrocketed by 493% last week. The massive surge in transaction fees came from increased transaction activity on the network. Notably, the number of new transactions moved from 5,865 at the beginning of the week to 16,337 at the end of the week, a 178% increase. 

Although transaction fees on Shibarium are paid in BONE tokens, a portion of the tokens are converted into SHIB and then burned. This, in turn, reduces the amount of SHIB tokens in circulation.

What’s Next For SHIB?

At the time of writing, SHIB is trading at $0.00001702 and seems to be consolidating. Experts are now divided into different schools of thought about the future of meme coins, including SHIB. According to Ki Young Ju, CEO of CryptoQuant, the current downtrend suggests meme coin dominance in the altcoin market could finally be over. 

On the other hand, analyst Javon Marks believes Shiba Inu still has room to break to the upside, and the recent pullback could also be a contributing factor. Marks asserts that Shiba Inu is still up by 100% since its last bullish wave and it has the potential to go up by another 294%. Price targets are at $0.000081 and $0.0001553.

Shiba Inu price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Pi Coin Price Prediction: Pi Network Faces Migration Issues, Drops 10%

The post Pi Coin Price Prediction: Pi Network Faces Migration Issues, Drops 10% appeared first on Coinpedia Fintech News The Pi Network community recently celebrated Pi Day, marking the sixth

200 Million XRP On The Move—Is Ripple Preparing For A Big Play?

Ripple’s XRP has been one of the hottest cryptos in the market thanks to its impressive price performance, especially after US President Donald Trump’s reelection Trading below $1 for most of

Coinbase Scores Big as Vermont Drops Case—Is This the End of Staking Crackdowns?

Coinbase just scored a massive legal win as Vermont rescinds its case on staking services, reinforcing that staking is not a security This marks another major setback for regulators trying to rein in

XRP Price Prediction For March 15

The post XRP Price Prediction For March 15 appeared first on Coinpedia Fintech News The cryptocurrency market is currently trying to bounce back and the next few days will be crucial to determine the

VanEck Seeks SEC Approval for First-Ever AVAX ETF

The post VanEck Seeks SEC Approval for First-Ever AVAX ETF appeared first on Coinpedia Fintech News As per a recent statement, VanEck is seeking approval from the US Securities and Exchange

Polkadot (DOT) Price Stability Fuels Hopes For Short-Term Recovery

Polkadot (DOT) has been quietly building a strong foundation, with its price stabilizing after a period of volatility This consolidation phase often serves as a launching pad for a potential upward