As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I have seen my fair share of market fluctuations and trends. The connection between Shiba Inu (SHIB) and its layer-2 solution, Shibarium, is an intriguing study, to say the least.
The well-known meme token Shiba Inu (SHIB) and its layer-2 solution, Shibarium, appear to have a correlation, as suggested by their performance graphs. While the SHIB price has shown promise for a potential rebound, it is yet to reach its peak from July, which was $0.000017.
Correlation between Shibarium and Shiba Inu
As a crypto investor, I’ve noticed some interesting trends with Shiba Inu transactions on Shibarium. Currently, we’re seeing over 4,000 daily transactions, but the past month has been a bit of a rollercoaster ride. The number peaked at an impressive 8,000 daily transactions around July 12, only to drop down to a mere 1,000 by Aug. 12. It’s intriguing to see such fluctuations and I’m eagerly waiting to see where these numbers head next.
SHIB is also experiencing the same unsteady movement, as seen on its price chart.
Over the past few days, Shiba Inu’s price has fallen from its early July high and is now at lower prices. Within the last 24 hours, SHIB experienced a minimal decrease of 0.08%, currently trading at approximately $0.00001364. Interestingly, despite this minor drop, the trading volume has increased by 2.2% to reach nearly $231 million.
Expectations for SHIB and Shibarium
It’s anticipated that the introduction of a burn mechanism in Shibarium will lead to a decrease in the number of SHIB tokens available for trading. This process entails transforming 70% of transaction fees into SHIB tokens and then removing them from circulation, thereby increasing their scarcity and potentially elevating their market price. The remaining portion of base fees will be directed towards further development of the ecosystem.
Based on a recent analysis by U.Today, it’s possible that Shiba Inu (SHIB) could experience a growth spurt in August. The report suggests this potential increase is supported by historical trends, with an estimated median return of 3.36% and an average return of 2.67% for the month.
Additionally, it’s plausible that some buyers are currently entering the market to stockpile SHIB, since selling pressure might be decreasing. This assumption can be inferred as the SHIB graph showed a rebound and formation of a higher low after finding support at $0.000013.
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2024-08-13 13:09