Shiba Inu (SHIB), the beloved meme-inspired cryptocurrency, is feeling the heat as the entire crypto market bleeds red on April 21. But unlike some of its peers, Shiba Inu seems to be stuck in a price range, leaving investors wondering if it’s the calm before the storm or the new normal.
When a cryptocurrency, or any asset, is stuck in a price range, it means that it has been trading within a specific range of prices for an extended period of time, with little upward or downward movement.
As the digital asset struggles to break free from its current slump, the question on everyone’s mind is: will Shiba Inu’s bark ever match its bite?
Shibarium Beta Progress A Ray Of Hope For Shiba Inu
Shiba Inu’s dedication to growth and innovation is on full display with the recent public release of Shibarium beta’s documentation and continued project developments.
However, while the platform is making strides forward, SHIB’s price remains stagnant, as the market remains hesitant and uncertain. Despite Shiba Inu’s best efforts to expand their ecosystem and improve its capabilities, its fortunes have taken a recent hit, with the cryptocurrency experiencing a 2.30% drop in just 24 hours and a 6.84% slump over the past week, as reported by CoinMarketCap.
SHIB Burning Sees Mild Growth, Whale Trading Activity Down
As the price of Shiba Inu takes a much-needed breather, the total number of SHIB tokens being burned has seen mild but consistent growth. Within the last 24 hours alone, over 5.2 million SHIB tokens were burned, indicating that the community is taking steps to regulate the token’s supply.
Shiba Inu’s impressive performance hasn’t gone unnoticed either, as the cryptocurrency has been on a rampage for the better part of the week.
The meme coin’s network activity reached a new high at the end of March, with nearly 36,000 SHIB addresses transacting on the network.
#ShibaInu saw the largest spike in daily active $SHIB addresses over a year, with ~35,788 unique #SHIB addresses interacting on the network! pic.twitter.com/gNoH7UrYgf
— Ali (@ali_charts) April 1, 2023
According to crypto-analyst Ali Martinez, citing Santiment data on Twitter, this was the highest daily surge in active addresses recorded in 2023, setting a record high for network activity since the beginning of the year.
However, despite the launch of the highly anticipated Shibarium L2, whale trading activity has continued to decline. This suggests that the market’s largest players may be sitting on the sidelines for the time being, waiting for the right moment to make their move.
As the price of SHIB remains stagnant, it remains to be seen how these developments will impact Shiba Inu’s overall trajectory in the long run.
Shiba Inu (SHIB) market cap at $6.11 billion on the daily chart at TradingView.com
What’s Next For SHIB?
As Shiba Inu navigates through a period of uncertainty, it’s worth examining what the future holds for the cryptocurrency. While the recent Shibarium L2 launch and increased network activity have been promising developments, whale trading activity has continued to decline.
This could be an indication that the market’s largest players are adopting a wait-and-see approach, looking for more clarity and stability in the market before making any significant moves.
-Featured image from Jake A Carlson