TL;DR
- Shiba Inu’s price (SHIB) has dropped significantly, with many investors sitting at paper losses.
- Shibarium, SHIB’s layer-2 solution, is showing positive signs of growth, hinting at a potential rebound for the meme coin.
SHIB Goes Down
The cryptocurrency market has dipped substantially in the past 24 hours, with numerous leading digital assets deep in the red. The popular meme coin Shiba Inu is no exception, losing around 3% of its valuation. Currently, it is worth around $0.00001531 (per CoinGecko’s data), whereas its market capitalization is hovering around the $9 billion mark.
Somewhat expectedly, the correction has negatively affected SHIB investors. According to IntoTheBlock, the percentage of the holders underwater (48.1%) has slightly surpassed those sitting on some paper profits (47.7%).
The situation looked much more optimistic in March this year when SHIB’s price entered an impressive bull run. At that time, almost 65% of the meme coin’s investors were in the green.
Numerous important Shiba Inu metrics have also gone south. The token’s 24-hour trading volume has fallen below $250 million, whereas daily active addresses have plummeted to around 3,100.
On a positive note, the layer-2 blockchain solution – Shibarium – has witnessed some resurgence, signaling a potential SHIB price rebound in the near future. Data shows that new accounts and new daily transactions on the protocol have been on the rise.
Shibarium officially went live last summer, aimed at fostering the development of the Shiba Inu ecosystem. Its main purposes include lowering transactions costs, enhancing scalability, and improving speed. For more updates on the ecosystem, make sure to check out our Shibarium news.
Overall Meme Coin Bloodbath
Shiba Inu is not the only meme coin experiencing a severe correction as of late. The sector’s market cap has tumbled by 5.5% daily to around $47 billion.
Some of the poorest performers include dogwifhat (WIF), Brett (BRETT), Mog Coin (MOG), and Pepe (PEPE). Popcat (POPCAT) and Turbo (TURBO) are among the very few charting some gains.
The cohort’s collapse comes as another warning that traders should jump on the bandwagon after conducting proper due diligence and invest only as much as they are ready to lose. For more vital tips on the matter, please check our dedicated video below:
