- Ongoing price decline linked to decreased whale activity.
- Weakened meme coin sentiment affects Shiba Inu.
- No major bullish catalysts from Shiba Inu leadership observed.
Shiba Inu price continues to fall, experiencing an 11% drop in market value due to reduced whale activity and weakened demand. This ongoing decline occurs amid a broader downturn in the meme coin market.
Shiba Inu’s price decline signifies a broader issue in reduced whale and network activity, with significant implications for market sentiment and confidence in meme coins.
Shiba Inu price decline: market trends and analysis
The Shiba Inu ecosystem, led by pseudonymous founder Shytoshi Kusama, faces challenges as whale transaction activity sharply decreases. This drop from 24 trillion SHIB to 1.09 trillion affects market dynamics. Persistent market declines in the Shiba Inu network further suggest an enduring bearish trend. The development team remains focused on utility-building through projects like Shibarium, despite adverse market conditions.
A downturn in Shibarium Layer 2, with TVL plummeting from $6.44 million to $1.78 million, highlights declining user engagement and liquidity issues. Investors show caution amid poor performance in other meme coins like DOGE and FLOKI, contributing to decreased interest.
Market sentiment around Shiba Inu is notably affected as on-chain activity decreases. The project faces challenges due to a drop in active addresses and increased sell-off pressure. Investor confidence is not significantly bolstered by regulatory catalysts or public statements from reputable figures. This ongoing situation reflects broader market dynamics, with potential for rebound dependent on improved network engagement and strategic developments.
“We remain steadfast in our commitment to utility building rather than being driven by speculative price swings. The community’s focus is on long-term fundamentals and scaling the ecosystem with Shibarium and ShibaSwap.” – Shytoshi Kusama, Lead Developer, Shiba Inu
