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Here’s What’s Going On With The Shiba Inu Price
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Here’s What’s Going On With The Shiba Inu Price

Scott Matherson
Scott Matherson
9 months ago
3 mins read
Shiba Inu

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The Shiba Inu (SHIB) price has remained lackluster for a while now, with the second-largest meme coin by market cap still below the crucial price level at $0.00002. This unimpressive price action is thanks to several factors, including Bitcoin’s tepid price movement. 

Why The Shiba Inu Price Is Down

Shiba Inu’s price has been on a downtrend mainly due to its strong positive price correlation with Bitcoin. Data from the market intelligence platform IntoTheBlock shows that Shiba Inu’s price correlation with Bitcoin is currently at 0.94 and nearing its peak at 1. As such, the meme coin’s price is imitating the flagship crypto’s price action.

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Bitcoin has struggled these past few days to hold above the $60,000 support level, and Shiba Inu is also in a similar situation as it continues to swing below and above the $0.000014 price level. Bitcoin’s weak price action has been attributed to the significant slowdown in its demand growth, which can also be said about Shiba Inu. 

Further data from IntoTheBlock shows that the interest in the meme coin has been on the decline for a while now, even among whales. Shiba Inu’s large transactions have remained flat and bearish, highlighting the lack of confidence these Shiba Inu whales have in the meme coin’s trajectory. 

Shiba Inu 1
Source: IntoTheBlock

These whales have been integral in keeping Shiba Inu’s price afloat, especially as there has been a lack of new investors in the meme coin’s ecosystem. Daily new addresses on Shiba Inu have continued to range between 1,000 and 2,000 over the last three months. Meanwhile, the total number of addresses with a balance has remained around 1 million since the start of the year.

Shiba Inu 2
Source: IntoTheBlock
Shiba Inu 3
Source: IntoTheBlock

With such a bearish outlook, Shiba Inu’s price is undoubtedly at risk of further decline. The meme coin could drop lower if Bitcoin fails to reclaim and hold above $60,000 soon enough. This could also spark a massive wave of sell-offs, as over 52% of Shiba Inu holders are currently out of the money, leading to more downward pressure. 

A Positive Amid The Storm

The layer-2 network Shibarium experienced a massive spike in its daily transactions, rising to 28,680 on August 20 from a meager 1,740 the previous day. This development is significant, considering that the network’s daily transactions have ranged between 1,000 and 4,000 over the last 30 days. Shibarium’s daily transactions have also drastically declined since the start of the year. 

Related Reading

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Bitcoin Maintains Market Dominance With $42 Million In Inflows

9 months ago

However, it remains to be seen if this surge recorded on August 20 marks the beginning of an increase in the daily transactions on the network. If so, it could positively impact Shiba Inu’s price since increased network activity on Shibarium leads to more Shiba Inu burns, ultimately affecting its price. 

At the time of writing, Shiba Inu is trading at around $0.00001375, down in the last 24 hours, according to data from CoinMarketCap. 

Shiba Inu price chart from Tradingview.com
SHIB price recovers from lows | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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