Key Shiba Inu Metrics Plummet as SHIB Price Heads South: Details

Long summary

• Shiba Inu (SHIB) saw a 2% price drop on July 12, alongside declines in key metrics on the Shibarium network.
• Despite the decline, technical analysis tools indicate a possible price recovery in the near term.

Signs of decline

Second largest meme coin in Terms Shiba Inu, a cryptocurrency with a high market cap, has managed to recoup some of the losses it suffered during the market correction at the end of last week, rising more than 22% on a seven-day scale. However, Shiba Inu is back in the red today (July 12), down 2% (according to CoinGeek data).

The price decline coincides with a decline in some important metrics in the Shiba Inu ecosystem. The majority of these metrics are related to the layer 2 blockchain solution, Shibarium. Data shows that daily transactions on the network decreased To 4,429 (down 26% from the previous day).

The total number of blocks processed over the course of 24 hours decreased by 67%, while active accounts decreased by about 80%, to just 136.

Shibarium officially launched in August of last year, aiming to elevate Shiba Inu above its competitors in the meme coin world by lowering transaction costs, improving speed, and boosting scalability. according to Some experts, Further progress is crucial for a potential SHIB price recovery.

In March of this year, daily transactions on the protocol reached millions, coinciding with the rise in the value of Shiba Inu, which reached its highest level in two years.

For more updates on the ecosystem, be sure to check out: Shibarium News SectionAdditionally, those who want to learn more about the L2 expansion solution and its advantages Main For more details, feel free to take a look at the dedicated video below:

Is it time for a new start for SHIB?

Despite being slightly in the red today, some technical analysis indicators suggest that the meme coin price may be preparing for a fresh surge. In the near future.

The SHIB Relative Strength Index (RSI), which measures the speed and volatility of price movements, has recently risen. He hits Three-month low of 12.8. A ratio above 70 usually indicates that the asset is overbought, warning of a possible correction. An RSI below 30 suggests that a price recovery may be on the way.

Shiba Inu’s net exchange flows are another key metric worth watching. Outflows have increased significantly. Overtake Cryptocurrency flows have seen a sharp increase over the past week, indicating a potential shift from centralized platforms towards self-custody methods. this It is considered Bullish because it reduces immediate selling pressure.